Letter: The meltdown's real cause
Anybody who has paid attention to the financial debacle cannot escape the fact that Fannie Mae and Freddie Mac set up the scenario that caused the financial markets to crash. Under the guidance of Democratic leadership, they loosened the requirements used to give out loans. Democrat leaders like Rep. Barney Frank, Sen. Chris Dodd, Sen. Charles Schumer and presidential candidate Barack Obama blocked the reforms that were needed.
Interestingly, these Democrats have received the largest political donations from the government-sponsored entities. Obama, the second largest recipient of donations from Fannie Mae, amassed this distinction in just two and a half years. Amazing.
It was the Bush administration and also a bill co-authored by Sen. John McCain that tried to shed light on this situation and stop the financial crisis before it got to this point.
Another fact that isn't reported is that an activist group called ACORN was heavily supported by Fannie Mae and Freddie Mac. Guess who was employed by ACORN? Barack Obama. ACORN is embroiled in the voter fraud fiasco. Now Obama and the Democrats are blaming everyone else.
Do we really want Democrats like Sen. Obama, Rep. Barney Frank, Sen. Chris Dodd, and Sen. Charles Schumer to be at the helm when they caused this meltdown in the first place?