Response to Randy Schultz Editorial

A RESPONSE TO SCHULTZ: ON GREECE AND AMERICA

7/15 2011; Randy Schultz, Editor of the Editorial Page, Palm Beach Post wrote an editorial entitled “Greece made it’s own problems. So did we”.

            The piece starts with Mr. Schultz recounting his recent trip to Greece and the feedback of Athenians he encountered. A cabbie, after stating that in 2004, the year of the Olympics, Athens was prosperous and exciting, is quoted; “and now (in 2011) we are poor”. Mr. Schultz describes problems caused by massive government spending on entitlements and problems caused by the infeasible demands of powerful unions. Facing insolvency, the Greek Parliament approved drastic spending cuts and taxes, leading to rioting and graffiti in the streets. Does this remind anyone of the response to Governor Walkers austerity budget and the subsequent trashing of the capital in Wisconsin?  

            Anyhow, so far I have no objections, but then Mr. Schultz writes to the effect that the American Congress is facing a comparatively easy decision about national finances. Say What! America is on the same glide path as Greece albeit trailing on the time line. On this trajectory, our future is Greece and the implications are global.

I agree that our Government needs to act responsibly as did Greece, namely cut spending, reform the tax code and down size the federal government; be less socialistic. But the real sticking point is the line “they got into their financial predicament themselves, just as Americans got America into our financial predicament”.

 America is a geographic area with sovereign boarders, originally established by the guidelines of the U.S. Constitution and the Bill of Rights, populated by a diverse group of people who pledge allegiance to these principles, the American people. These “Americans” did not get us into our financial predicament. They are busy earning a living, paying taxes and raising families. The fault of the American people lies in being complacent, electing spineless politicians who promise something for nothing to buy votes and increase power. The peoples fault lies in believing the propaganda of the leftist media accepting it as factual accounts of current affairs and accurate news reports. Americans to often do not question, research or study the history of events in a quest to find truth, thus they are easily manipulated and controlled by the elite class.

 A small segment, this elite class among the American people relish this power. Some are funded by foreign sources like George Soros. These elitists are motivated by a vision of a global world order and anti-Americanism. They are corrupt, money and power crazed people and organizations. Their ability to manipulate and misinform the masses is aided by major media like the New York Times. This media turns a blind eye to corruption and malfeasance if the offender is of the same political persuasion as the elites. They will even go as far as fabricating lies, as Dan Rather did to Bush in an attempt to throw a presidential election. Their leftist allies support such unethical individuals. Dan Rather to this day still appears on propaganda net works such as MSNBC. Members of this elite class of corrupt Americans caused the melt down. If Mr. Schultz is curious he should spend more time researching and reading legislation passed by Congress and less time touring abroad collecting antidotal accounts of foreigners.

Most agree that what sparked the firestorm leading to the financial melt down was what the mass media likes to call the housing bubble. I agree and I submit that the primary, most recent arsonists are Barney Frank and Chris Dodd.

It would be impossible for me to detail all the events leading to the housing bubble, I have a stack of documents that make the health care bill look like a pamphlet, (Congressional records and legislation easily found on the internet), but to summerize; On 10/12/1976 under Jimmy Carter, the CRA or the Community Reinvestment Act section 801 of title VIII, was passed into federal law. The bill was devised to encourage banks and savings associations to grant loans to borrowers in low-income neighborhoods across America. I believe this was noble legislation, the key word being encourage loans. These laws did not cause any harm to financial institutions until 1992 under the Clinton Administration when the Federal Housing Enterprise Financial Safety and Soundness Act of 1992 required Fannie Mae and Freddie Mac, to devote a set percentage of lending to the CRA. In effect, the government began forcing banks to issue subprime loans. Thus it wasn’t deregulation, quite the opposite it was government regulators forcing banks to issue bad loans at the peril of the banks own business. The government’s enforcement strategy was to play the class warfare and racial cards, a favorite game of the left.  They threatened the banks with discrimination and redlining violations.

During Congressional hearings in 1995 William Niskanen said these regulations were being used for political favoritism and micromanagement by regulators and would be costly to the economy. (Hello Senators Frank and Dodd)

Years later, the Bush administration auditors submitted 11 warnings to Freddie and Fannie concerned that so many unsecured and defaulting loans could have dire consequences on the financial institutions. Meanwhile Senators Barney Frank and Dodd pushed harder for more subprime loans. Dodd got a large sweetheart loan from Angelo Mozilla and Country Wide Bank, which were a leader in bad loans and the destruction of the industry. The federal governments accusations of redlining and discrimination forced the banks to acquiesce and issue loans to the noncredit worthy.

So Mr. Schultz we Americans didn’t bring on the financial crises, you and the elite left did. Why not now support what the House has already passed, Cut Cap and Balance. At this point even if a budget and deficit increase is passed, the damage that the Obama administration has done in the past two and a half years by squandering the nations treasures on failed domestic policies, new wars, stifling regulations of unelected czars, in effect, tying the hands of the free market combined with the monetizing of the national debt by the Federal Reserve printing money at a mindboggling pace, a down grade of Americas credit rating is unavoidable.

So when this happens, go ahead, blame the Republicans, blame Bush, blame the Tea Party, and blame anyone other than your leftist elite cronies. Then turn on the Bill Maher or Jon Stewart Show, go to bed wake up and watch a little MSNBC, then go to work and write some more brilliant editorials so we Americans may be more well informed and not repeat the failings of our past.
That is why The Palm Beach Post sucks.

The rest of us will support the Cut Cap and Balance bill passed by the House. And we will blame the Democrats who control our government if it fails.