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Economy is not Obama’s fault

October 4, 2012
The Journal

To the editor:

I'm still appalled at the number of Americans who blame our President for the state of the economy. They must be unaware of what led us into this crisis. Even before the Great Depression, our leaders began to think seriously about how regulation could keep carelessness and greed from causing the boom and bust cycle which caused such misery. Naturally, those who had been profiting from the free-for-all had objections. A good article appeared in "Mother Jones" magazine in the July-August issue of 2008. It can be found by going to "motherjones.com," and typing the title, "Where Credit is Due - a Timeline of the Mortgage Crisis,'9 into the search engine.

This article lists all the laws that our federal and state governments passed over decades to stop irresponsible practices which lead to economic meltdown. It also lists the ways that politicians (most of whom were Republicans) fought these regulations, and eventually gutted them to meaninglessness, or got rid of them altogether. The resulting free-for-all allowed a small minority to build a huge-and for them-extremely profitable house of cards which completely collapsed just about the time President Obama took office. It has not been possible to repair all the damage in the last 3 1/2 years, so of course the people who caused it blame the President for not fixing what they caused. Do they think the rest of us are that dumb?

Henk Exoo

New Ulm

 
 

 

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