The smoking gun in the mortgage crisis

How did this catastrophic challenge to our economic system begin?

On June 18, 2002, President George Bush said "We want 5.5 million more homeowners by 2010." Pursuing the American dream, he went on, "Everybody who wants to own a home has got a shot at doing so. That is our goal.

"Probably the single barrier to first-time homeownership is high down payments. People take a look at the down payment, they say, 'That's too high, I'm not buying.' They may have the desire to buy, but they don't have the wherewithal to handle the down payment. We can deal with that."

"People get discouraged by the fine print on the contracts. They take a look and say, well, I'm not so sure I want to sign this. There's too many words. (Laughter.) There's too many pitfalls. So one of the things that the secretary is going to do is he's going to simplify the closing documents and all the documents that have to deal with homeownership."

"It is essential that we make it easier for people to buy a home, not harder"

"And so, therefore, I've called - yesterday, I called upon the private sector to help us and help the home buyers. We need more capital in the private markets for first-time, low-income buyers. And I'm proud to report that Fannie Mae has heard the call and, as I understand, it's about $440 billion over a period of time. "

This is the classic "smoking gun". Bush's ("I don't do nuances") foolish dream that everyone can own, afford and assume responsibility for a home obligation is another tragic example of the void he lives in.

It has brought our entire economic base to its knees and laid another enormous burden upon the people that adds another $500 billion plus to our national indebtedness for the Chinese to finance.

The man has caused more damage to our economic system as well as our international stature than any president in the history of the republic. Don't agree? Name another president who has damaged us so.

Robert E. Griffith

Arlington Heights