Desire for votes led to failed economy

Five years ago, the Bush administration proposed much tighter regulation of Fannie Mae and Freddie Mac.

One would have thought the Democrats would have jumped on that as they always seem to be blaming fiscal problems on Republican-originated deregulation.

Barney Frank, liberal Democratic legislator from Massachusetts, among others, was adamant that Fannie and Freddie were not facing any kind of financial crisis.

Then when the White House warned of "systemic risk for our financial system" unless these mortgage giants were curbed, Frank complained that the Bush administration was more concerned about financial safety than about housing.

Forward to today to see what Frank is saying now. No remorse regarding the opportunity he and the rest of Congress had five years ago to head off this crisis - no. To quote him, "The private sector got us into this mess."

Now there is enough blame to go around but it seems to me that Frank is talking out of both sides of his mouth (nothing new for politicians, I know).

According to the Boston Globe's Jeff Jacoby, "If Frank is looking for a culprit to blame, he can find one suspect in the nearest mirror."

Beginning in the Carter administration, the Fed has been twisting the arms of mortgage lenders, pressuring them to give housing loans to risky, unqualified buyers. The sub-prime loans of more recent years are merely the latest incarnation of this end run around sensible lending practices.

The goal was laudable--increased home ownership. However, the result is the mess we are in today.

Two years ago John McCain sounded the alarm, as Sarah Palin pointed out in her debate with another Senate liberal, Joe Biden, Oct. 2. He was ignored.

The bottom line to all this - greed is to blame for the mortgage crisis but the object of the greed wasn't just money. It was votes.

Think about it.

P.J. Bertrand

Wood Dale