Bruce D. Seaman of Lawrence
To the editor:
I don’t believe that the Democrats intended that our entire economy would go into free fall, but they did want an October surprise that would propel Barack Obama into the White House. They have succeeded beyond their wildest dreams. Let’s look at how it was done.
After years of shielding Fannie Mae and Freddie Mac from oversight, they enlisted the aid of Acorn to intimidate bankers into suspending their normal rules of qualifying mortgages. The goal sounded laudable: “affordable housing.” What it really was, however, was welfare housing.
Since the Republicans had only the thinnest of majorities, the Democrats were able to block the bills for stronger regulation. By forcing the easy credit mortgages, they flooded the market with buyers. As a result the housing market changed from a buyers’ market to a sellers’ market, and housing became overpriced. Then, the higher interest rate of the ARMs kicked in, and housing prices tumbled. As housing values dived below equity value, especially for those who had made no down payment, more people opted to default. After all, they didn’t have much invested anyway; it was just like paying rent.
The housing market collapsed during the last year of President Bush’s term in office. That was good news. This would allow Barack Obama to win the election by default. What they didn’t expect is that the entire economy would be affected, just as President Bush and John McCain predicted. Yet, it was brilliant. Even without their sweetheart loans and huge campaign contributions, the Democrats benefited politically on an astronomical scale. It looks like not only Sen. Obama will win the White House, but also the Democrats will win a veto-proof majority. Because the Republicans had a majority in both houses for most of the time, the Democrats can blame them and reap the benefits. Brilliant.
When the Republicans failed to be fiscally responsible, we threw them out — and rightfully so. This economic collapse, engineered primarily by Democrats, is even worse. I hope that every voter recognizes that cynical Democratic politicians caused it and kick them out, too. Vote all of the Democratic incumbents out of office.
Both party leaders and candidates say that this is the worst economic crisis in our history. Both political parties admit that we still have the most dynamic workforce in the world. Both parties admit that the middle class and our capacity for creative entrepreneurship is the backbone of our society. Yet, they also say that the only way to correct this crash is to nationalize our economy. So what has changed?
There are free market solutions available that were not even considered. Federal law prevents them here.
We voters ought to stage our own November surprise: vote all incumbents out of office — all Democrats and all Republicans who voted for the bailout. Of course, in New Jersey that’s easy, almost everyone who is supposed to represent us in Washington is a Democrat.
Bruce D. Seaman
Lawrence

