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Northwest Voices

Seattle Times letters to the editor

October 6, 2008 at 3:01 PM

Federal bailout

Bush supporters are to blame

Since Congress has just approved the largest bailout of Wall Street in U.S. history, I think it’s time to set the record straight [“Congress OKs unprecedented $700 billion bailout plan,” News, Oct. 5]. There have been a lot of pundits spouting off about who’s is to blame for this mess. The consensus of mainstream media and the economists who that appear on their shows is that we are all collectively to blame.

I beg to differ. I blame each and every person who voted for President Bush and the Republicans in 2004 (I cut you a little slack if you voted for him in 2000).

This crisis was caused primarily by the bubble in the mortgage market bursting. That bubble developed due to deregulation and lack of proper government oversight. Bush and Co. have been running the government for the past seven-plus 7+ years. Their policies caused the greed that which created the bubble.

But are they really to blame? Didn’t they tell the American people upfront that the Republican Party was the great believer of free markets? Didn’t they tout the wisdom of deregulation so the market could function more efficiently without undue constraint?

Instead, I blame you, the Bush voters. You supported them. You chose to listen to the propaganda being spewed out of Fixed — I mean Fox — News ChannelNetwork. You chose to watch Sean Shawn Hannity and Bill O’Reilly on your TV. You chose to listen to Rush Limbaugh on your radio. You chose to blindly accept their talking points without question and buy into the “bias of the left-wing media” assertion and ignore warning signs.

While watching Fox for your dose of news you chose to tune in to your favorite sports channel, American Idol or 24.

So now, after so many other things have gone wrong in this country due to the Bush administration and you who supported them, we are witnessing the meltdown of the U.S. economy. Good job!!!

So When you open up your financial statements in the months ahead, put the blame where it belongs for once — on you.

Oh yes — I know you are going to vote for McCain. That’s because you are patriotic.

Just to let you know ahead of time. If by some catastrophe he wins; I’ll BLAME YOU!!! I won’t forgive you either!!!

— Leonard Rodenberg, Seattle

Obama will clean up deregulation mess

Lack of government enforcement under the existing bodies of regulatory federal financial departments created this financial crisis, namely the Office of Federal Housing Enterprise Oversight.

Our financial markets changed under the deregulation law with Bill Clinton in 1999, but President Bush did not step up the regulatory enforcement to accommodate that change during his first term, despite warnings. Instead, he cut it back.

The banks were allowed to run amok and do risky mortgages that caused this crisis through foreclosures and defaults. I was a mortgage broker and vice president of a mortgage firm for seven years. I know.

Companies like such as Merrill Lynch, Bear Stearns and AIG that didn’t know the mortgage industry were allowed to buy mortgage-backed securities and subprime loans not insured by the government.

The Republicans had majority rule in 2003 in both houses of Congress when Bush pushed his regulation bill for oversight. It was voted down because it sought to privatize the oversight of Fannie Mae and Freddie Mac.

It’s not about party or partisanship anymore. This is about the future of our country. Let’s elect the best and brightest — Obama-Biden!

My business can’t take another two months of this. Can yours?

— Daniel Powers, Kent

Comments | More in Economy, Election, Politics

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