Also serving the communities of De Luz, Rainbow, Camp Pendleton, Pala and Pauma

Re: 'Who is Issa working for?' [Letter, Village News, May 6, 2010]

The title of a recent letter to the editor was, “Who is Issa Working for?” The answer is simple. He is working for us, the taxpayers.

When a person’s fundamental philosophy is anti-big business, they are unable to see the truth if it conflicts with that philosophy.

The primary cause of the recession starting in 2008 were the bad home mortgages and related securities made during the “hot” housing market a few years earlier. And the government was primarily responsible because of the low interest rate set by the Federal Reserve (Greenspan) and the loose lending practices promoted by Freddie Mac and Fannie May (the claimed altruistic policy of helping people become “home owners”).

So it is fair to say that government meddling was a significant cause of the financial collapse. To now add additional control is bound to continue the malaise. What government needs to do is set standards (better than those that Barney Frank and Chris Dodd pursued at Fannie May and Freddie Mac) and then get out of the way.

The immediate scare is the burden of debt of the Western World with the situation in Greece being uppermost right now. And this is all the consequence of irresponsible governments. The U.S. is plunging headlong into the same abyss and the Obama policies are only making a tenuous debt situation worse.

Hooray for Congressman Issa. We need more like him!

Glen Holzhausen

 

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