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LETTER: Obama should be re-elected

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While you have ably covered the upcoming election, I feel you should better highlight some important context.

Four years ago, America faced its greatest economic crisis in generations. Employment was plummeting, and a second Great Depression appeared possible.

Since taking office, President Barack Obama has worked tirelessly to stabilize the economy and rebuild America’s middle class. This hasn’t always been easy, but we are moving in the right direction. We now have steady job growth, and recovery is underway.

Now former Massachusetts Gov. Mitt Romney proposes a return to the policies established under President George W. Bush - cutting taxes for millionaires and giving freer reign to Wall Street that led us into this mess.

This didn’t work before, and it won’t work now.

I urge your readers to vote for Obama.

Andrew Mills
Murfreesboro, Tenn.

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October 27, 2012 at 8:17pm
This has been a common mantra during the final stages of this election. At the risk of being verbose, it is time to set this record straight.

Lets look at a few factors that were instrumental in the economic meltdown:

1994 Clinton Administration: Clinton pushed for changes to the Community Reinvestment Act. These actions gave Congress the power to force banks to make high-risk loans (the link below contains the details):

http://www.sundriesshack.com/2008/09/21/the-roots-of-the-subprime-mortgage-mess


1994 Obama (as ACORN Lawyer) was part of a suit against Citibank claiming that Citibank rejected loan applications of minority applicants; this was under the reformed Community Reinvestment Act.


1999 Clinton Administration: Repeal of Sections 20 and 32 of the Glass-Steagall Act (this allowed mortgage-backed securities to be sold as investment-grade instruments).


Throughout the late '90s and early 2000's, Senators Frank and Dodd held off Republican reform actions for the undocumented/sub prime mortgage industry. Without this reform, the cycle continued as follows:

1) Congress forced banks to make undocumented loans.
2) Groups like ACORN sued banks that did not comply with Congress.
3) The loans were packaged and sold as investment-grade instruments.
4) The cycle continued.

Interesting articles:
http://communities.washingtontimes.com/neighborhood/prudent-man/2011/nov/29/barney-frank-flees-scene-his-fiscal-crimes/
http://www.truthandcommonsense.org/
http://www.mediacircus.com/2008/10/obama-sued-citibank-under-cra-to-force-it-to-make-bad-loans/

I am not arguing that the Republicans are completely innocent in the financial meltdown, my point is that you simply cannot state that the Republicans alone are responsible; conclude that if Gov. Romney is elected, we will repeat failed policies.


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