Letters to the editor: Dec. 5

THE ECONOMY

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Liberal policies pushed bad mortgages

Responding to Richard T. Tracy Sr. letter of Nov. 24 (“Liberals didn’t create current problems”), perhaps he does not recall that the federal (liberal) government outlawed red-lining (the practice of not lending in certain areas where the chance of default was greater). Also, he forgets about “fair housing and lending” requirements which also required lenders to lend to marginal borrowers. He also perhaps forgot about all the lending programs to assist first-time buyers and those with poor credit scores.

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Last year, for example, when I was purchasing a second home I was offered a stated income loan where my income would not be verified.

Or I could choose to have a “no doc” loan where no documents were required for the loan. Lastly, I could borrow up to 125 percent of the property’s appraised value. Help with the down payment was also available or the down payment could be included in the mortgage.

These were all liberal schemes to make housing available to all, including those who could not afford to repay the loans. Financed through Freddie Mac and Fanny Mae, which Rep. Barney Frank, D-Mass., assured us was solvent, that is until we had to bail them out for which he took no responsibility even though he heads the House Banking Committee.

Were liberals responsible for the toxic loans that has taken our banking business to the brink of insolvency? Bank on it!

JAMES E. COPELAND JR.

CHANDLER

Auto bailout must include wage reform

What triggered the American Revolution? Taxation without representation. Today we have a Congress in both houses that are really elected on the amount of pork they bring home. Now, bailouts are in without any regard to spending our taxes and we don’t have a say.

We are bailing out companies that have been so badly managed they are on the point of bankruptcy. Instead of bailout, they really should file for chapter 11. The big three auto makers in America are so bound to labor contracts that they never will be able to get out of the hole they are in. There are lifetime health care benefits for retirees and families.

Is it right to tax those workers making less then $25 an hour to bail out these workers?

No matter what plan the auto makers put forth, if it doesn’t include union massive concessions by the unions, then no taxpayer money should be used.

Chapter 11 would work just fine. If Congress continues to use our taxes for bailouts without any regards to how we feel then, it is time for another American Revolution.

HAROLD GEE

MESA

Think about consumers

What is expected from American consumers? U.S. corporations want us to go to college, spend thousands of dollars for a degree, then they expect us to compete with third-world countries where education and wages are very low. They send our jobs to third-world countries, but expect U.S. consumers to pay the highest price for their products.

When your jobs are lost to third-world countries they expect you to re-train yourself at great expense. They expect you to borrow thousands of dollars and pay 25 to 30 percent interest. When all above fails, they want tax dollars to bail themselves out so we can start the whole process again.

BARBARA ANDERSON

MESA

MESA YOUTH

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Works benefit community

The people in my neighborhood were the recipients of two wonderful service projects performed by youth of our community in early November. On a Saturday morning, a group of young people from the 61st Ward of the Church of Jesus Christ of Latter-day Saints came around and painted house numbers on the curbs in front of the homes.

Many had been done previously but were long faded and illegible. The young people did a fine job.

On Sunday, another group of young people (I never did find out their affiliation) came and cleaned several alleys in the neighborhood. Many of the alleys had become not only eyesores but potential hazards. The youth cut down weeds, raked them and the trash up, and bagged it all. They piled the bags together for pickup.

Mesa should be proud that youth like these two groups are part of our community. The services rendered were greatly appreciated. Hats off to the youth and their leaders for their time and efforts!

MARY LOU ST. CYR

MESA