Letter: She sees economic bailout as privileges vs. rights
TO THE EDITOR:
Much of the economic mess that led to the $700 billion bailout was caused by the Clinton administration's initiative that homeownership should be available to everyone, including low income people and those with poor credit ratings.
In 1999, the New York Times published a prophetic article, "Fannie Mae Eases Credit to Aid Mortgage Lending," which predicted the downfall of Fannie Mae.
This deregulation was not spearheaded by Republicans, as you may hear from Sen. Obama. Many Democrats had a hand in this mess, and they were warned repeatedly about Fannie and Freddie (www.YouTube.com, "Democrats were Warned of Financial Crisis"). Even Bill Clinton stated that Democrats cannot claim surprise; that they resisted Republicans' urges to regulate Fannie and Freddie. Obama (elected 2004) is number two in receiving campaign money from Fannie and Freddie (www.opensecrets.org/news/2008/09/update-fannie-mae-and-freddie.html).
In 2005, McCain co-sponsored legislation that would regulate Fannie and Freddie (www.govtrack.us/congress/bill.xpd?bill=s109-190). In Congressional sessions the last two years, this legislation died.
Our children are faced with a $700 billion tax bill due to the idealistic notion that everyone has the "right" to homeownership. As a homeowner, I do not feel it is a right; it is a privilege and a responsibility.
Moving on to health insurance, McCain believes it's a responsibility; Obama believes it's a right (debate Oct. 7). These are vastly divergent viewpoints. Again, mistaking privileges or opportunities for "rights" is a dangerous and costly misconception.
Our Declaration of Independence states "that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness." It is a right to pursue happiness. Pursuit doesn't always end in achievement. Pursuit does not equal entitlement.
Please research and consider this information when voting on Nov. 4. I urge you to vote for John McCain.