My answer to Richard Hoffman's letter:
I really wish people like Richard Hoffman would do their homework before they write untruthful letters! Let me explain. He states that the Republican answer is to replace our president and Congress with people who got us into this mess. This is where he needs to do his homework.
The housing meltdown started because of legislation President Clinton signed, called the Community Reinvestment Act, where loans to people who really couldn't afford them had to be granted, by law. These loans were what actually caused the financial meltdown and the housing crisis. The banks had to make loans they knew couldn't be repaid so they bundled them up and sold them off to the financial markets.
President Bush went to Congress on 17 different occasions, starting in April 2001. Greenspan also testified to Congress on several occasions about what these loans could do to our economy. Sen. John McCain wrote legislation in 2006 that would have regulated these practices and head off what they saw was going to happen to our economy, housing market and financial market.
Guess who blocked all of this? You got it. The Democrats, led by Rep. Barney Frank and Sen. Chris Dodd. The Republicans could not get the 60 votes needed in the Senate to pass this legislation.
Now remember the Democrats took over the House and Senate on Jan. 3, 2007. Frank became the chairman of the House Financial Services Committee and Dodd took over the Senate Banking Committee as the meltdown was under way.
They blocked all efforts to control what was going to happen. Guess which sectors collapsed, taking our economy with them?
By the way, Fox News was the only major media to report on all this, September 2008. I have all this proof on my computer, contact me and I would be glad to share all this with you!
A note: The Democrats controlled the budget process for 2008, '09, '10 and '11 when all this massive spending took place, so if they inherited any deficits, it was their own!