Wall Street

The Senate hearings are a joke. It is a show trial for soundbites. The blame for the financial collapse is large enough to go around. A lot of players participated in it. Now pay attention. The impetus for the economic crash was the fall of the housing market. The liberal program called "The Community Redevelopment Act" (started during the Carter administration) forced, I repeat forced financial institutions to make loans to millions of people who could not possibly pay them back. Just to be fair! The government promised the financial institutions that the government had their backs (Fannie Mae and Freddie Mac). The institutions saw a no lose situation with the government promising to bail them out. The loans were made. No choice really. The government caused the economic recession in which we currently live.

A. C. Smithson