Don't misplace blame for crisis

Many factors led to the state where we find our economy, but without a doubt the anvil that broke the camel's back was the collapse of both Freddie Mac and Fannie Mae.

There is blame to go around, but truly it was Washington, not Wall Street, that failed us.

Congress created Freddie and Fannie in the 1930s during the Depression when it was needed to get Americans back into homes, but never gave up full control to let the markets actually work.

Then the members of Congress mandated in 1977 that bad loans be given out to people in poorer areas who wouldn't be able to afford them, socialized the risk for private lenders and banks by buying up the bad debt Congress itself had facilitated, and ultimately refused to regulate the system they had irresponsibly concocted.

Names like Chris Dodd and Barney Frank should be made infamous for this scandal, not George W. Bush and John McCain.

The real tragedy is that many Americans will fail to appreciate exactly what has caused the economic problems we face and will turn to a candidate, a party and an ideology that calls for more of the same shortsighted policies of LBJ and Jimmy Carter.

Now that's change you can believe in, right? I'd rather have Bush 3 than Carter 2.

Robby Moeller

Arlington Heights