To the Editor,
1913. Under Democrat Woodrow Wilson the Federal Reserve central bank, which is not federal and has no reserves, is created in the dead of night. A Democrat congress votes to abrogate its Constitutional Article 1 Section 8 responsibility to “To coin money, regulate the value thereof.” The Treasury, no longer restrained by money tied to precious metals, floats reams of bogus paper money, we go bust and The Great Depression results.
1977. Democrat Carter and a Democrat Congress pass the Community Reinvestment Act which demands banks make loans without regard to color or ability to repay. The outcome of lending money to people who don’t have any is obvious but that doesn’t matter to those who decry “redlining.”
1993. Democrat Clinton puts coercive pressure on banks to loan to “flakes” in the name of “fairness.” Sub-par loans are bundled and sold to Fannie, Freddie and Wall Street as securities. This paper money along with Wall Street greed and Congressional incompetence, leads to zero down jumbo ARM loans to the unemployed and housing speculators so prices spiral up and up.
2004. Democrat after Democrat stands up and vigorously defends Fannie Mae’s solvency and applaud Chairman Franklin Raines while ignoring “accounting irregularities” that will cause Fannie to tank in four years.
2007. The marginal begin to default as ARM’s come due and the economy begins to fail due to dim-witted trade, absurd energy policies and continued lack of guidance by the majority Democrat Congress. The flakes stop paying and the system implodes. Real estate values plummet, money dries up as banks and Fannie and Freddie go under because the paper they hold is worth less and less.
Last week. Treasury Secretary Paulson, Wall Street insider, demands total control of a $700,000,000,000 slush fund to bail out Wall Street cronies and Bernanke, head of the illegal, unconstitutional, never been audited Federal Reserve tells us that unless we grease their buddies the wheels are coming off.
Today. You can’t sell your house as the market has collapsed. Your retirement is evaporating before your eyes. The very people who created the problem are on television pontificating, posturing and blustering instead of being hauled off to jail as they demand to convert what little is left of our Republic into fascism.
And half of you are preparing to hand over national defense, healthcare, the economy and your family’s future to the same people that created this mess and a guy with less than 3 years of experience. A guy you wouldn’t even hire to run your company if he came to you with his empty resume’. Those who fail to learn from history are doomed to repeat it.