Posted by
Tom Richards on Wednesday, February 25, 2009 12:26:02 PM
I felt it necessary as the "loyal opposition" to start a page
rebuting much of what President Obama says. ( actually, I am just
getting tired saying it more than once.)
"A [federal budget] surplus became an excuse to transfer
wealth to the wealthy instead of an opportunity to invest in our
future. Regulations were gutted for the sake of a quick profit at the
expense of a healthy market. People bought homes they knew they
couldn't afford from banks and lenders who pushed those bad loans
anyway. And all the while, critical debates and difficult decisions
were put off for some other time on some other day." --President Barack
Obama in his Tuesday night address
Mr.Obama, We do not transfer wealth. It is not a zero
sum game as you think. Wealth is created mostly by hard work, ingenuity
and creativity. Sure, at the margin some slug will do something wrong
and gain from it but mostly, We don't need the government to create
wealth. The gov. can only take away. 2nd, Regulations were gutted by
Congress! Barney Frank et al. The pressure to do loans to anyone with a
pulse for the last 30 years and the creation of Fanny and Freddy are
most at fault. The Bush admin. tried three time to tighten these up and
was laughed at. Everything's fine! Right..... Banks pushed bad loans
because they were under pressure and they knew they were going
immediately sell them to Fanny and Freddy. Get it! Bear Stearns and
others were allowed to go way out on a limb with multiples that should
never have been allowed. Again, Congress! ( mostly, democrat). The Free
market is taking the blame here, I think not. If the market were a
level playing field and people were allowed to fail, it would work.
Almost flawlessly. Works every time it is tried. And remember, no one
is to big to fail ,or too small to succeed. Your manipulations and
machinations of the market can only create a Frankenstein type monster
that will at some point turn on the people.