Joel Smolen, Libertarian candidate for Congress, put up a very frank post on his blog today. He (actually the man he’s quoting) urged the voters in our district to “V.E.T.O. – VOTE EVERYONE of THEM OUT!” All the incumbents that is. He linked another, longer post on The Libertarian Party website called “Economic Catastrophe Unfolds: Why Every Bank in America is Bankrupt”. This very grim article, by Wayne Allyn Root, states that our mortgage crisis is not over, not by a long shot, and that it will bring the banks to their knees. Not only will there be more home foreclosures, but commerical real estate mortgages will also be failing en masse. The latter has been predicted by many observers for some time. It seems to be a question of exactly when the impact will really hit though. Mr. Root, again quoted by Mr. Smolen, traces back the beginning of this ongoing crisis to the federal government:
This tragedy of epic proportions is caused by government- not private industry. Government has over-seen it all, and mismanaged it all. Government inflated the bubble with low interest rates, Federal Reserve printing presses, and mandates for banks to loan to people with no credit, no way to prove income, and no way to ever repay the loans- in many cases based on affirmative action and the color of their skin (Community Investment Act). And the banks and financial institutions made the loans without a care in the world, because Uncle Sam was guaranteeing it all.
As I said, this is grim. And it is a HUGE reason to do exactly what is proposed: Vote out the incumbents who are culpable in this travesty. Perhaps with new elected officials who know what fiscal responsibility is, we can at least do something to minimize the further damage that will be inflicted on our economy. VOTE THEM ALL OUT!