Letters to the editor: Oct. 10 - East Valley Tribune: Opinion

Letters to the editor: Oct. 10

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Posted: Friday, October 10, 2008 8:12 pm | Updated: 9:32 pm, Fri Oct 7, 2011.

 There many ways to solve the credit crisis without the $800 billion bailout. One way would be to temporarily suspend the rule to mark down mortgage securities to present market value. Nobody knows their true value anyway.

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Let lenders delay devaluations

There many ways to solve the credit crisis without the $800 billion bailout. One way would be to temporarily suspend the rule to mark down mortgage securities to present market value. Nobody knows their true value anyway. So let the ailing financial institutions hold them at original value and gradually mark them down over several years. In the meantime, these institutions could stay in business and continue making money to cover the losses, rather than having the taxpayers cover the losses.

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I lost money during the savings and loan crisis when a savings and loan company I held stock in was cashed out by the Resolution Trust Agency. This S&L could have easily worked its way out of a negative situation and back into generating profit within two or three years.

It matters little if the bailout saves the hot-shot money changers or the irresponsible home buyers. What does matter is that we avoid a cash economy. Credit expands the economy many times; when credit evaporates, the economy shrinks many times. Without credit, the economy becomes a cash economy. We had a mostly cash economy during the Great Depression. The world’s poorest countries have mostly cash economies.

I know the Great Depression. I was there. The Great Depression was difficult for most and devastating for some. Regardless of the bailout method, we must avoid a cash economy at all costs — $800 billion or more.



Dems at root of problems

During this national financial crisis, it is very enlightening to find that the Associated Press and other news media do not seem to have an interest in the following:

• Congress created Fannie Mae and Freddie Mac.

• Sen. Christopher Dodd, D-Conn., and Rep. Barney Franks, D-Mass., created and pushed through the legislation requiring Fannie Mae and Freddie Mac to buy the mortgages from low-income homeowners.

• Dodd and Franks headed up the congressional committees responsible for Fannie Mae and Freddie Mac oversight.

• Dodd and Franks were two of the recipients of the largest political contributions from Fannie Mae and Freddie Mac.

• Dodd and Franks are the committee leaders for the committees evaluating the solutions for our financial crisis.

Does anyone see the conflict of interest?

Congress would love to lay the blame for the crisis at the feet of Wall Street. We shouldn’t let them get away with that. Wall Street was complicit by their poor analysis of the financial condition of Fannie Mae and Freddie Mac. They should have broadcast the weakness sooner.




McCain’s careless attitude

On the Politico Web site, Roger Simon quotes John McCain saying of his days as a Navy pilot that “he and his buddies would just take off without bothering with all the safety procedures.”

“McCain said his motto in those days was: ‘Kick the tires and light the fires. To hell with the checklist. Anybody can be slow.’”

As a taxpayer, I’m not happy about this treatment of a multi-million dollar plane. As a citizen even older than McCain, I certainly do not want this kind of thumb on the nuclear button. And as McCain’s parachuting in for the bailout talks shows, his attitude doesn’t seem to have changed.



McCain showed his strength on foreign issues

The Sept. 25 presidential debate was a winner for John McCain. He came on strong, likeable, friendly and, most of all, knowledgeable. I’m more than satisfied with his understanding of world affairs and the problems that plague this country and it was a refreshing change from Barack Obama’s all style and no substance stammering deliveries.

I cannot wait to hear more and I’ll be tuned in with a front row seat. Mac is back! Thank you, Sen. McCain, for going back to Washington to get as much support for this bailout so we don’t get burned again by Democrats in Congress. Rep. Barney Frank, D-Mass., lied to Congress about the solvency of Fannie Mae and Freddie Mac and Sen. Chris Dodd’s management style in the Senate Banking Committee is deplorable.

I want someone in the White House who knows what he is doing and doesn’t wait to vote “present” so he can protect his own position and cleverly evade and avoid any controversial vote that could come back at him later. Obama clearly proved at the first debate that he is not ready to lead. John McCain is.



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