To the editor:

Our government’s interference in the financial markets coupled with an easy money policy by the Federal Reserve will cost the American taxpayer trillions of dollars. Today, we see the results of these failed policies in the form of lower housing prices, tighter credit, rising unemployment, record high foreclosures and the contraction of the world’s economies.

Our government’s failed policies were born out of the seeds of corruption, greed and incompetence that were fueled by lobbyists’ money flowing into Congress. Our government watchdogs became lap dogs to the lobbyists supporting their re-election campaigns.

Congress mandated that Fannie Mae and Freddie Mac purchase subprime loans from banks. These relaxed lending standards caused banks to increase their risk by providing loans to people that had little or no down payments, poor credit and not enough income to support their mortgages.

The $700 billion bailout will be a continuation of rewarding failure and punishing success. This hurried bill was written by an incompetent Congress to pacify voters.

Congress needs to appoint a special committee to investigate why the price of crude oil has decreased since July 2008. They might learn that a free market operates better without their socialistic interference.

We taxpayers can begin to stabilize our economy by demanding total transparency in government accounting and a return to free markets. Voting incompetent incumbents out of office regardless of party affiliation can be our greatest legacy to future generations.

J. Joe Herynk,
Lawrence