Democrats at fault for financial mess

The Carter era Community Reinvestment Act forced banks to lend to uncreditworthy borrowers, mostly in minority areas. It started with Jimmy Carter, then Clinton and now Obama. Obama was a community organizer in Chicago and worked with Acorn to force banks to give people subprime loans.

Obama is now blaming the Bush administration for the financial crisis.

President Bush in April 2001 and 2003 tried desperately to stop Fannie Mae and Freddie Mac from metastasizing into the problem they have since become. In 2005 Alan Greenspan, Federal Reserve Chairman, also stated there were problems with Fanny May and Freddie Mac.

In 2005 John McCain said "American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system and the economy as a whole."

Democratic Senator Barney Frank, Financial Services Chairman, was also notified of the pending problems along with Senator Schumer.

In conclusion, the Democratic controlled Congress caused the financial crisis and the Republicans tried to warn them without success.

Les Ayres

Crystal Lake