How we ended up in this financial crisis

Fox network had a very interesting and unbiased special report about how we got into this financial crisis. It was hosted by David Asman.

It all started back in the '90s with legislation that made subprime mortgages not only possible, but encouraged.

This legislation was passed during the Clinton administration, the result being that many people were able to get mortgages which they could not afford.

In 2003, President Bush warned that the mortgage companies who held these mortgages - e.g., Fannie Mae and Freddie Mac, etc. - must be regulated.

He was ignored by Congress and, in particular, the banking committee, headed by Rep. Barney Frank as well as senators Chris Dodd and Chuck Schumer.

Later, John McCain, Alan Greenspan and others also warned about financial trouble brewing. They, too, were ignored, being told again by the above three men that everything was fine, people are happy, "What's the problem?"

Several former heads of Fannie and Freddie are working for the Obama campaign. In the last three years, Obama has accepted approximately $126,000 from these companies. McCain has accepted $21,000 over the last 20 years.

Frank, Dodd and Schumer have been given hundreds of thousands of dollars from Fannie and Freddie.

Now, I have to ask, why didn't Congress act long before now? The red flags were there years ago.

How is it that these same men who were instrumental in blocking legislation to regulate the mortgage companies are now taking credit for the passage of the bill to rescue our financial system?

I hope they, and all in Washington like them, are voted out.

As for the national debt, yes, it is horrendous, but too many want to blame the Bush administration entirely. What about the very difficult hand he was dealt - eg., 9/11, Katrina, 20 million illegal immigrants that we have to support, etc.?

Sara Schmidt

Des Plaines