Dear Congressman Schiff,
After reading the results of this last survey you put out about the “Spendulus” package I am just appalled buy the number of people that are so uneducated as to believe Barack Obama’s “Fear Mongering” about the doomed economy. After doing some homework I find the similarities between Jimmy Carter, Bill Clinton and Barack Obama so striking it scares me. Jimmy Carter also was elected just Barack Obama by “Fear Mongering.”
But then it was called “The Misery Index.” http://www.miseryindex.us/ Jimmy Carter also tried to spend his way out of the bad level of The “Misery Index.” Where did that get us when Jimmy Carter printed billions of dollars just like Barack Obama? It got us 23% interest that was demanded by the fed to curb the 13% inflation that was created by Jimmy Carter printing all that money that was not backed by gold in the US Treasury. Clearly what Barack Obama is selling you and all your constituents is a train wreck looking for a time and place to happen.
OK lets look at what it looks like Tim Geithner is proposing to do. Look and read this especially section “C”. http://bulk.resource.org/gpo.gov/register/2005/2005_10024.pdf.
Then read. http://bulk.resource.org/gpo.gov/register/2005/2005_10025.pdf
What Bill Clinton mandated the expansion of Jimmy Carter’s Community Reinvestment Act of 1977 in 1979, that was the catalyst that spurred banks and lending institutions to write more loans and meet the quotas that were to be kept score in #10025 above. This forced banks and lending institutions to figure out a way to write more loans to financially challenged people that could not qualify for a traditional 30 year loan. Thus the birth of “Creative Financing” aka “the sub prime loan.” What Tim Geithner is proposing to do is also force banks to write loans that they are not comfortable with. Congressman Schiff let me set up a scenario for you. Imagine you were an underwriter for home loans for any institution. Before you there was a pile of home loans for you to asses the risk management for. Mean while on the radio you have Barack Obama absolutely hammering away all day long making speeches that if “HIS” spending package doesn’t get passed very very bad things in our economy are going to get worse and last longer. And if you do pass it, it will take many years to fix itself if in fact it works at all. Congressman Schiff, how would you feel about putting that stamp of approval on that stack of loan applications?
PLEASE PLEASE do not listen to the Golden Tongue of Barack Obama’s propaganda or the acidic voice of Nancy Pelosi and do not pass this “Spendulus” package into law.
Here is an article in USA today indicating that we may, I say may be at the bottom with home loan foreclosures and we may not have to spend 780 Million dollars to restart the economy. It may be starting by itself. We all know that you can throw zillions of dollars at the economy but it will recover at it’s own pace. It is a natural cycle for the economy to repair itself. Because by and large democrats DO NOT understand SUPPLY and DEMAND, the principles of business and the fact that the American Economy and for that matter the World economy is a living. breathing. dynamic entirety that goes at is own pace. Sometimes an individual makes a very very serious decision that has a moving effect on the Economy like what Bill Clinton did or if you remember what the Hunt Brothers tried to do with silver. http://en.wikipedia.org/wiki/Nelson_Bunker_Hunt.
These created speed bumps in our economy. However Bill Clinton created a crevasse into which out economy fell into and Barack Obama is going to successfully keep us in.