Editorials published by the Goffstown Residents
Association are written by various members and
contributing non-members of the GRA.

October 17, 2008

Obama-style socialism has already failed U.S.

The financial meltdown is a classical failure of what Democratic presidential candidate Barack Obama advocates. By promoting homeownership for all without any requirements for creditworthiness, a policy started in the Clinton administration and carried forward, the government created the financial meltdown. The administration forced banks to increase loans, and threatened heavy fines if they didn't. And in the past, lawyer Obama sued Citibank and won on this issue. 

Fannie Mae and Freddie Mac, as part of this policy, handled these toxic loans with government approval. Next, leading Democrats like Reps. Barney Frank and Maxine Waters and Sen. Chris Dodd shielded Fannie Mae and Freddie Mac from oversight and regulation, preventing bills proposed by John McCain and the Bush administration to increase oversight.

As late as last year Obama promoted these poor-credit loan programs. Now he blames the Bush administration for the failure of these Democratic programs and lack of regulation, which they actively prevented. Unfortunately, McCain has so far failed to make this crystal-clear. He did talk about his role in trying to get the problem under control but he did not lay the blame where it belongs. People believe this was a failure of capitalism when it was the opposite, a failure of socialism. 

And Barack Obama is the leading cheerleader for socialism.


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