2/10/12 Dear Editor,
Back in the early part of this decade as I watched the likes of Rep. Barney Frank (D-MA), Rep. Maxine Waters (D-CA) and Charles E. Schumer (D-N.Y.) put forth legislation and pressure Fannie Mae and Freddie Mac to give loans to unqualified people, I wondered who would ultimately pay for their misguided social experiment that defied good financial judgment. It is now clear that the financial mess created by these politicians will ultimately be paid for by consumers who diligently pay their mortgages and did not overextend themselves. The $25 billion agreement by five big US banks on Thursday to bail out a few homeowners who overextended themselves will ultimately be paid for by those of us who use those banks. Yes it is tragic that people are losing their houses but let’s place the blame where it truly lies – with politicians who lack good financial judgment and who have constantly proven themselves irresponsible in managing the tax dollars we give them.