Please read the article posted on the web site listed below. It’s a great commentary by Mr. Charlie Reese that puts our present economic recession in proper perspective. Additionally, please view the two pertinent videos below and a 1999 article from the NY Times.
The US investor will not gain any confidence in our US Government and or our economic investing systems until those that are guilty of creating the financial mess that the US is now embroiled in are accused, prosecuted and jailed.
The US Congress are the ones that are mostly responsible and guilty of causing this present economic debacle because of the laws and legislation that they passed forcing home lending institutions and banks to lower their lending standards to a point of predicted economic catastrophe.
This present economic catastrophe started some 32 years ago when Jimmy Carter passed the Community Reinvestment Act of 1977. And, over these past 32 years, certain members of Congress have been strengthening and modifying that act forcing lending institutions and banks to continually lower the lending requirements to borrowers until jobs, down payments, savings accounts and good credit ratings were not required to obtain a home loan. And, the executives of those lending institutions and banks directed their employees to take advantage of borrowers through aggressive lending practices. The lenders may not have openly crossed the line or blatantly broke any lending laws however, they all had chalk on the tips of their shoes and are responsible and guilty for taking advantage of uneducated, inexperienced, unsuspecting and under qualified borrowers. And, if the truth be known, many US Congressmen knew exactly what was going on with the lending institutions and banks with regards to their lending practices.
For those Executives at Freddie Mac, Fannie Mae and Country Wide Mortgage Company that were associated with US Congressmen and complicit in the formulation of these bad laws and legislation let them be culpable as well as the US Congressmen. For all those that formulated, pushed and forced those bad laws and legislation; let them resign in shame, lose their pensions and health care and live in shame and poverty like millions of Americans that have suffered because of their incompetence, irresponsibility, arrogance and greed.
Below is a list of the "enablers" that should be charged and convicted – by the present facts of – incompetence, irresponsibility and greed that has lead to our present economic disaster.
The Enablers are as follows: Carter, Greenspan, Clinton, Reno, Graham, Frank, Dodd, Gorelick, Pelosi, Reid, Durbin, Cisneros, Boxer, Feinstein, Brazile, Waters, Leahy, Schumer, Rangle, Mozilo, Raynes, Pritzker, Johnson and Kerry. The names listed above are just the most obvious, many more are and have been accomplices and are complicit and they too should be accused, indicted, tried and convicted.