This "guy" doesn't get excited enough about something to write a letter to all the big shots he can think of very often but, he got excited enough to do it today. Even more exciting, he sent me a copy and authorized me to post it here.
Instead of an LTTE (letter to the editor) consider it an LTTB (letter to the blogger).
This entire Washington thing has gotten WAY out of hand to the point where MANY of us are just flabbergasted! When will we hear at least a PORTION of the TRUTH about how and why our economy ended up where it's at?
For a long time we heard it was "caused" by the sub prime mortgage fiasco. Many of us never bought that line at all. The sub-prime mortgage crisis is but a symptom of what is really wrong with our economy and our Country. And all of you in Washington know it and also know what the real problems are but, of course, you can't ever speak about them.
"FOLLOW THE MONEY" is all we have to do out here in fly over country to uncover the truth. Politicians and large corporations are the same thing, all about money and lavish life styles! Is it any wonder the people themselves ended up wanting to follow the lead of their Government and Corporations??? Money for nothing and chicks for free?
Just in CASE you all REALLY ARE as ignorant as you often seem to be, here are the reasons for the problems we face... PLEASE TRY to understand this...
1> ALL banks HAD regulatory oversight. Did any regulators have any problem at all with the way banks were lending money? Not that I ever heard about... Greed clouded everyone's vision.
2> Nearly everyone ALREADY KNEW the housing market was over heated in the early 2000's. The FED and Greenspan conspired to keep interest rates artificially low along with lower lending guidelines MANDATED by CONGRESS. All to keep the housing bubble pumped up. Greed clouded everyone's vision.
3> Barney Frank and Congress MANDATED that Freddie Mac and Fannie Mae lower lending requirements. Including, to a large extent, ignoring a potential buyers ability to repay the loan and, to a point, ignoring borrowers credit quality overall. An obvious recipe for disaster. Greed clouded everyone's vision.
4> The sub-prime lenders, themselves, seeing an opportunity to "game the system," because Congressional ineptitude gamed it to the max... writing BILLIONS of dollars of WORTHLESS loans. Now you want WHO to pay for this?! Greed clouded everyone's vision.
5> The ratings agencies... Giving these disastrous loans an Investment Grade rating?! The SAME agencies who were PAID by Freddie Mac and Fannie Mae to rate the loans in question?! WHAT?! Greed clouded everyone's vision.
6> And last, but certainly not least, the borrowers themselves... What were THEY thinking?! Many of them were spending WAY over their heads and KNEW it and DIDN'T CARE! We have taught an entire generation or two to have no personal responsibility for their own actions and this sort of behavior is the result. The "dumbing down of America" has its effects... And Greed clouded everyone's vision.
Many of us KNOW what is going on and OF COURSE many of us are very angry. The "loan sharks" are still out there today, lurking, swimming, watching... They are still led by CITI and B of A... In my opinion, this is all about unfettered GREED and CORRUPTION in GOVERNMENT AND BUSINESS.
Our economy will suffer far longer than anyone in Washington seems willing to talk about. Sooner or later ALL the truth will come out. All of it... Capitalism is fine, unchecked GREED and CORRUPTION are NOT! That is the problem. PLEASE FIX IT!
Gregory S. Phillips, Joplin