Bean had hand in financial mess

The collapse of the mortgage industry is such a huge mess that it is not possible that Congress was unaware of the accounting irregularities at Fannie Mae, which is at the source of the unraveling financial markets. A $700 billion "mistake" does not occur in a few months but takes years of Congress and regulators willing to look the other way.

In 2004 and 2005, President Bush and Sen. McCain called for the examination of Fannie Mae's books and the tightening of lending standards. Their efforts were rebuffed by Sen. Chris Dodd and Congressman Barney Frank who said Fannie Mae was sound and Republicans were alarmists. One does not have to be a financial wizard to know you should not loan money to people who have no chance of paying it back. Right here in District 8, Congresswoman Bean has served on the House Financial Committee and Subcommittee on Consumer Credit.

She said nothing about the shakiness of Fannie Mae. As the Daily Herald noted on Oct. 17, Bean has raised millions in campaign funds. Where did the money come from? Does Congresswoman Bean serve the interests of taxpayers and homeowners of the 8th District or that of the Democrat party and Speaker Pelosi? I believe it is the latter, and Bean should be booted out of Congress. The election of Steve Greenberg would be real reform and real change from Congressional insider politics.

Mike McKay

Wauconda