… or “Why We Need Congressional Term Limits”.
At the very root of the current economic downturn was INTERFERENCE by Congress in bank lending practices… rules requiring lenders to provide mortgage loans to people who objectively did not qualify for them (that is, had a high probability of not repaying the loan)… and GUARANTEEING those risky loans (which led to many other bad practices, such as leveraging via mortgage-backed securities and such). It was an unsustainable scenario… one that ignored “real world” realities… and resulted in inevitable defaults. And that started a cascade of problems that we will be years trying to work out of.
NOW, even though we nowhere close to being out of “trouble”, Barney Frank wants to loosen standards yet again:
Back when the housing mania was taking off, Massachusetts Congressman Barney Frank famously said he wanted Fannie Mae and Freddie Mac to “roll the dice” in the name of affordable housing. That didn’t turn out so well, but Mr. Frank has since only accumulated more power. And now he is returning to the scene of the calamity — with your money. He and New York Representative Anthony Weiner have sent a letter to the heads of Fannie and Freddie exhorting them to lower lending standards for condo buyers.
Source: Wall Street Journal
Even children who don’t listen to Mom and burn their fingers on a hot stove remember their lesson longer than Barney Frank!
If ever there was an example of why we should NOT allow elected officials to make a career out of government service, this is it. Just like we allow a President two terms and no more, the same rule should apply to members of Congress. That body of government has become far too populated with a power elite who are either arrogant, idiots, or entirely self-serving.
I think many of our problems have come about due to the inability of new representatives to influence change since they are up against a firmly entrenched core of lifetime Senators and Representatives who know how to exert their power effectively.
The best long-term solution is TERM LIMITS. Yes, now is the time for CHANGE.