Letter: Obama is not helping the Middle Class by Karen Schroeder
President Obama claims he is working to help the middle class.
Actually, Obama contributed to the sub-prime real estate bubble when he sued Citibank and destroyed the real estate investment for seniors whose home equity is typically the main source of funds to secure their retirement. Roughly half of the African-American benefactors of this 1995 lawsuit have gone bankrupt or face foreclosure. Mr. President, stop helping us!
The suit against Citibank, plus the progressive legislative policies forcing Fannie and Freddie to loosen requirements for mortgage qualifications were created by egotists determined to push home ownership. In fact, the policies wiped out about $4 trillion in equity once held mainly by the middle class.
Citibank proved that anyone with the required down payment and qualifying salary had been granted a loan and those requirements were racially neutral. Details of threats and intimidation used by Acorn and others are available in Paul Sperry’s The Great American Bank Robbery, which documents factors other than race which shaped the decision to reject some loan applications.
President Obama blames the housing bubble on GOP de-regulation, even though President George W. Bush expanded regulations. Obama runs ads holding Republicans responsible for the economic crisis, while omitting his detrimental role in the financial lives of African-Americans and the middle class. Progressives manipulate the free markets and then blame the free markets for the failure of liberal policies.
Candidates Romney, Ryan, Duffy and Rivard oppose this manipulation of free markets. Your vote will determine America’s economic future!
Karen Schroeder, Rice Lake