Dear Editor:
Why is it that whenever sane people in the private sector refuse to make enough risky loans the feds step in and take over?
The feds are involved in (granting our guaranteeing) over 90 percent of student loans. We hear increasing cries for "relief" from the debt incurred by students. Have those attending our universities been so staggeringly undereducated that they are unable to make reasonable financial decisions, or were they enticed into taking out loans, loans they now say they can't pay back, by the feds?
Why do we voters keep re-electing those who support such reprehensible actions as giving massive loans to students when the chances of those loans being repaid are small?
Is it the goal of liberals to turn student "loan forgiveness" into another vote buying giveaway program?
An October 2009 "Economic Letter" from the Federal Reserve Bank of San Francisco stated that, "the banking institution share of total mortgage assets declined from a peak of about 75 percent in the mid-1970s to about 35 percent in 2008. Much of the decline in banking institution housing portfolios over this period was related to the expansion of the government-sponsored enterprises (GSEs) Fannie Mae, Freddie Mac, and Ginnie Mae." It further stated that in 2008 the feds owned or guaranteed almost 95 percent of all home mortgages. (I have been unable to find more current data.)
Recently the feds have again been relaxing standards for mortgages. When this precipitates another housing market crash will it give those in government another opportunity to "buy" campaign contributions by forcing taxpayers to bail out lending institutions, or "buy" votes by forcing taxpayers to bail out those who took out loans that were to large.
Perhaps these are just a continuation of the government's efforts to convince us that accountability and personal responsibility are no longer valued concepts in our nation. The cry of the liberals is now "Ask not what you can do for your country but rather what your country can force others to do for you."
Perhaps some big government person could tell us in which article and section of the Constitution did we give the federal government the authority to take our money to finance personal loans?
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