All too often, I hear that President Barack Obama inherited this economic mess that we're in right now. Let's get the story straight for a change. He helped create this mess. In 2005, President Bush tried to push legislation through Congress to place regulations on Fannie Mae and Freddie Mac. Mr. Bush knew that these organizations' policies involving the lending of mortgage money to those that couldn't afford it were going to cripple the economy if not regulated. It was the efforts of Democratic Sen. Christopher Dodd and Democratic Rep. Barney Frank, accompanied by Sen. Barack Obama, that were successful in blocking these regulations by threatening to filibuster. Senator Obama was a major recipient of campaign funds from Fannie and Freddie. If you don't believe me, look it up.
I'll tell you something else that looks suspicious to me. A few months before the 2008 election, interest rates began to rise for adjustable rate mortgages (ARMs), causing their mortgage payments to double. This sent many into default, and Mr. Bush and the Republicans received the blame. I'm not saying that the Republicans are innocent victims of a conspiracy, but what I'm saying is that President Obama needs to share the blame for his involvement in this mess.
Donald Frost, EssexCopyright © 2015, The Baltimore Sun