To The Editor:
Again I must take issue with another uninformed letter writer. To blame Bush for the recession is another writer using emotion instead of facts.
I will go back to the Carter administration era. That administration started encouraging big banks to get greedy with little or no enforcement of regulations. Since that time, every administration has looked the other way to ensure friends for their re-election. Hedge funds and other iffy investments became the rules for the game of greed.
The final straw was added during the Clinton era. Everybody and his dog were encouraged to borrow. Through Freddy Mac or Fanny Mae you could mortgage a home. Even if you could not afford to buy a chamber pot.
True, Bush did not help the situation. Big banks and other financial institution were allowed to bleed us dry.
It was not Bush who caused Fanny Mae and Freddy Mac to go nearly belly-up. It took nearly 50 years of mismanagement and greedy members of Congress to finish the game of greed.
The John Paulsons during those years simply took advantage of relaxed regulations. The writer said nothing of the big banks and other institutions. Their CEOs became millionaires or billionaires because they played the greedy game also.