1. The Federal Reserve, although a quasi governmental entity, has excessive control over fiscal policies in the United States . As a historian, I note that the role of the Fed has changed considerably since its original inception during the Washington Administration.
2. I appreciate your efforts to address the mortgage crisis in the United States . The government should have a limited responsibility in formulating a bailout for those who became speculators during the housing boom. It is not the responsibility of government in any way shape or form, to subsidize those who were burned in the PONZI SCHEME of three and five year ARMS. To bail this class of “gambler” out would send the wrong message to those who have lived within their means. However, should any group be addressed, I believe it would be displaced workers. Some of these individuals may have fallen upon hard times. Maybe some type of loan re-structuring might be in order.
3. In my recent article entitled “Big Ben’s Credit Card Moves: The Good, The Bad, and The Ugly”, I noted that an industry which was once controlled by organized crime “LOAN SHARKING”, is now a business controlled by banks. While I am a strong advocate for individual responsibility, the fact is that credit card companies and underwriters are the equivalent of Mafia musclemen who literally destroy consumer credit. That being said, there should be a degree of tighter underwriting standards. Secondly, there needs to be a clear path where consumers can eventually pay these ridiculous fees off. It is also duly noted that The NO CHILD LEFT BEHIND ACT fails to address any type of financial training for students who must navigate the treacherous waters of fiscal responsibility once they are out of school. Sure some students may be able to quote Shakespeare, understand Quantum Theory, and maybe even identify the vision of our Founding Fathers in the U.S. Constitution. However, give the average high school graduate a credit card let alone a bank loan, and all HELL will break lose.
In closing, thank you once again for being such an excellent representative for the 14th District. We appreciate all the efforts you have put forth to make this a successful trip for the students and staff from our school.