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Letters, 10/10: Real reason for mess

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Friday, Oct 10, 2008 - 01:03:54 am CDT

Regarding the Oct. 5 article “How we got in this mess”: Again, the mainstream media conveniently forgets to include all of the facts.

Such as that this whole mess started in 1977 under President Carter and his Community Reinvestment Act.

Then, under President Clinton’s watch, banking loan rules and regulations were rewritten and expanded.

And the article made no mention of the 2003-04 congressional hearings in which the Democrats said there were no problems and defeated all reforms.

As far as I’m concerned, it’s the Democratic Party and groups such as ACORN that are the “why we are in this mess.”

Michael Leonard, Lincoln

Don’t restrict research

Regarding Ashley Rappana’s letter: Soon Michigan voters will consider a constitutional amendment to prevent restrictions on embryonic stem cell research because, as stated in a Detroit Free Press article Sept. 16, “Embryonic stem cell research could help hundreds of thousands of people in Michigan, save millions per year in health care costs and create jobs in the state’s growing biotech economy, according to a new study from the public policy group Michigan Prospect.”

NU would face a competitive disadvantage if its Board of Regents votes to limit its researchers to pre-August 2001 embryonic stem cell lines (as President Bush restricted federal funding), especially after either candidate for president fulfills his promise to allow federal funding for the 400 lines developed since August 2001. The election of a new regent opposed to embryonic stem cell research, Tim Clare, would shift the board’s 4-4 division to 5-3 against such research, leading to a likely limit on it. As a retired professor who received the James Lake Academic Freedom award during my tenure as a university professor, I oppose this sort of restriction on inquiry.

According to National Science Foundation figures, the University of Michigan’s $808.7 million in 2007 research expenditures ranks it fourth among public universities (fifth overall), while the University of Nebraska’s $336.5 million places it 30th among public universities (51st overall). NU has much room to improve its research picture. The top five research universities have been the top five for many years, but universities seeking to improve must avoid unduly restricting the science allowed in their labs.

A much more apt comparison for NU is with the University of Iowa’s $363 million, ranking it 46th overall in 2007 research expenditures. Iowa lost many scientists following its 2002 statutory restriction on stem cell research, leading to the repeal of the restriction in 2007. Nebraska should learn from Iowa’s mistakes and elect regents who are fully committed to academic freedom.

Paul A. Olson, Kate Foster, Professor of English, retired

Close prairie road

I support the request to preserve and enhance Spring Creek Prairie by closing the dirt road that separates the two parts of this wonderful natural resource. Roads are real barriers to wildlife.

Spring Creek Prairie is a wonderful place and will be made more wonderful by removing this disturbance. We will still have access without this road, and we will have the unimpeded habitat that wildlife needs to survive.

Nature will be thankful. Future residents of the county will be thankful. I will be thankful.

Robert Boyce, Lincoln

Opponent misleading

My opponent questioned my attendance record at Norris Public Power District meetings. He has his facts wrong, and his implications are even more deceptive.

As I write, I am attending a three-day conference on the management of hydro plants and river basins in the face of many possible climate change scenarios, followed by a daylong meeting of utility representatives. I regret that this commitment, while representing NPPD, precludes participation at Columbus this month. This meeting is in addition to two days of meetings with the National Rural Electric Cooperative Association in Omaha last week.

Serving on the NPPD board is about a lot more than just attending meetings, though of course it is important to be present and participate. His letter is an attempt to confuse and distract voters from the fact that if you live in Lincoln, he doesn’t want anyone to represent you on the NPPD board.

Many utility managers are promoting legislation to remove Lincoln voters’ representation on the NPPD board. At a time when NPPD is contemplating adding more coal-burning capacity at Sheldon Station, they believe Lincoln residents should not have a voice. My opponent was one of those small retail managers for 30 years. In the primary voter guide, he shows his true loyalty in his promise to be a strong advocate for Norris Public Power District.

At the end of the day, my opponent’s attacks are designed to distract voters from the real issues in this race and the differences between us: 1) I support vigorous investment in renewable energy like wind and solar, and he does not, and 2) I support protecting Lincoln voters’ right to representation on the NPPD board, and he doesn’t.

Mary A. Harding, board of directors, NPPD Subdistrict 2


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Right Wing Nut Job wrote on October 10, 2008 2:39 am:
" Mr. Leonard appears to be your typical right winger who gets all of his information from the “unbiased” sources such as Sean Hannity, Ann Coulter and Rush Limbaugh. They find every reason that it is the Democratic parties fault, and then complains that the mainstream media is liberally biased.
He notes the problem started in 1977, 31 years ago. During the last 31 years we have had a democrat as president for 11 of those years, and a republican as president for 19, and he feels it is entirely the democrats fault. The reason we are in this mess is a bipartisan effort, and blaming one side or the other will not fix it. "

 Greed caused mess wrote on October 10, 2008 5:14 am:
" There is the temptation for both political parties to point the finger at each other and say the Republicans or the Democrats are to blame. Neither argument holds water. The true cause is greed. As it has been said, the only problm with capitolism is capitolists. "

 Paul wrote on October 10, 2008 5:33 am:
" Michael Leonard,

If you try I'm sure that you can blame Abe Lincoln for some part of this mess as well...

I doubt your allegations but, even if there are any facts behind your statements, George Bush (aka the Republicans) had the power to change any bad laws that were on the books, so, if this mess is due to mistakes by the Democratic party, why didn't the Republican party fix it when they had the power to do anything they wanted, like invading Iraq?

Eight years of Bush (aka the Republicans) and this country is on the brink of disaster. And you have to go back 30 years to try to blame someone else... "

 Sam wrote on October 10, 2008 6:29 am:
" Nice bit of revisionist history, Michael. Too bad that none of what you're saying is the truth. The Community Reinvestment Act (CRA) required consumer banks to not automatically "redline", or refuse to consider loan requests from, certain neighborhoods in their communities. It never said they had to make the loans and it certainly didn't require that any bank ignore credit ratings or loan more on a home than it's actual value. As a matter of fact, the CRA didn't even apply to the vast majority of the mortgage lenders who got us into this mess. Moreover, the relaxation and expansion of banking regulations you claim too place under Bill Clinton's watch were initiated by a Republican controlled Congress. John McCain's principal financial policy advisor, Phil Gramm, was the architect of most of the legislation that changed the rules. What I find particularly amusing is that just a few print inches below your inane letter, a very well written column by Clarence Page contradicts every one of your claims and also points out how certain AM radio talking heads and conservative pundits are incorrectly blaming the CRA and ACORN for the mess we're in. Please read that column Michael, you might just learn something. "

 Proud Liberal wrote on October 10, 2008 6:36 am:
" Michael: What color is the sky in your world? "

 poor michael leonard wrote on October 10, 2008 7:13 am:
" Both sides are to blame. There have been dems. and repubs. since 1977 that could have changed the Reinvestment Act, but none did. And as for 2003-04 dems. had no control of anything the Bush Admin. was doing, nor have they since 2006. Putting the blame on one party is absurd, as far as I'm concerned it's people like you who keep this a real mess. "

 Tammy wrote on October 10, 2008 7:15 am:
" You know what? I think it's time to stop pointing fingers. I am sure that there is enough blame for both parties in our current economic mess, not to mention every other mess we're in. Party politics do nothing for anyone in the long run, and quite frankly makes people sound like a bunch of 2 year olds fighting with each other. "I didn't do it...he/she/they did it!" Not to mention as long as this country and it's politicians keep towing the party line, nothing will EVER get fixed because it's apparently more fun to argue about meaningless crap then it is to actually just decide what the correct thing to do is and do it! "

 Mindless Robot wrote on October 10, 2008 8:00 am:
" Jimmy Carter huh?
Well I blame the Man in the Moon! "

 Yup wrote on October 10, 2008 8:06 am:
" Michael is right about ACORN being a partner in the housing mess. ACORN was created as a noble organization to help low income citizens secure their rights, but they have run far of of their original intent. Please read the facts, not media opinions on ACORN before it's too late. "

 consider this... wrote on October 10, 2008 8:14 am:
" im not going to point fingers and all that junk, but i am a republican and i would just like to throw this one out there. How about the phrase "No Credit, No Problem?" Could that be a BIG reason that we have a problem in this country. People getting home loans and car loans who know darn well that they can't afford it?...... "

 iona wrote on October 10, 2008 8:31 am:
" Mr. Leonard's invocation of ACORN is completely irrelevant to the rest of his letter (Not that the rest of it made much sense to begin with).

It simply seems fashionable now to beat up on this group that has been working so hard to help people improve their communities.. it's sad. Mr. Leonard probably has absolutely no idea who ACORN is and what they do. He should be ashamed. "

 Mark wrote on October 10, 2008 8:37 am:
" There's plenty of blame to go around, but what's really important is to look at the catalyst for this latest financial crisis our economy faces. This latest financial crisis despite greed and coruption on wall street is Obama's fault! Why you ask? Quite simple. Rich people are no different than us middle class people. We invest to make money. Obama has clearly stated he intends to raise the capitol gains tax immediately. Now rich and middle class people who have made money in the markets these past few years are pulling their cash to the sidelines and cashing out profits now. Why? Because all of the rich folks, and us middle class folks have no intention of paying a 35% capitol gains tax when we can pay much less right now. Cash is leaving the markets at alarming rates. Cash is what gives our markets liquidity. Without cash and liquidity, things go downhill fast just as we've seen these past few weeks. Smart money is not buying anything right now. They have left the game. With no buyers, prices fall. The ole trickle down economics does work, and we're seeing firsthand what happens when rich and middle class people stop spending and investing due to proposed tax increases. Thank you Mr. Idiot Obama. You sir with your wacked out ideas for taxing the rich is one of the biggest contributor to this financial crisis we face today because of your tax "change" ideas, and your proposals to tax the rich and middle class, even if it is just a capitol gains tax increase to start off with. "

 RE Michael wrote on October 10, 2008 8:58 am:
" I guess if you dig hard enough you can blame it on your choice of partys. Right now we have a very good chance of being in soup lines again. Quit with the blaming of who started it. Call or e mail your senators and congressmen to get someone in the system who can help not blame. I recommend turning Warren Buffett loose in washington or wall street to give some creditable advise. I don't think you know how close you are to losing everything, if you have anything. "

 Michael Leonard wrote on October 10, 2008 9:24 am:
" RE: "Real reason for mess" addendum...

and now I hear that Healthcare is (also) a "right" and going to be administered by the government.

Most likely the rules & regs are going to written the same way as the banking home loan ones are.

Appears to be a common thread.
===

yes, greed is the cause of all evil... but you have to open the door and let it in. "

 Mrs. Johnson wrote on October 10, 2008 9:38 am:
" Mr Leonard is living in LaLaLand. This is what happens to people who get all their news from Rush Limbaugh. "

 Jan wrote on October 10, 2008 9:44 am:
" Wow. Now we have wing nuts blaming the crisis on people not even in office yet. I personally think its a conspiracy. "

 Jim wrote on October 10, 2008 9:47 am:
" The idea that potential higher capital gains taxes are the problem is beyond ridiculous. And this is the second time I've seen someone suggesting that, so I assume this silly idea was put into your head by your favorite rightie radio or tv host. Please think for yourself. And start by keeping in mind the fact that Rush/Sean/Ann/Etc would like nothing better than an Obama victory. Makes it much easier for them to make money off the sheep for the next four years. "

 To Mark wrote on October 10, 2008 9:48 am:
" hahhahahahahahahah (pause for breath) hahahhahahhahahahahahah Yes let's blame the guy who hasn't even been elected yet for the market crash!!! If your comments are any indication of your understanding of the markets and economics, you would be better off taking your money and going to Vegas. "

 Mark wrote on October 10, 2008 10:19 am:
" I make my living trading the markets and have done very well thank you. I have a front row seat to charts and such that back up what I'm talking about. Smart and big money is gone. Were not talking about millions or billions of dollars here. Were talking trillions of dollars as a whole that's left the markets, hence the collapse. They have cashed out and left the game before the government/Obama takes a much larger percentage of it. Rich people are not stupid. Who is it you always read about that's left holding the bag (big losses) after events like this transpire? That's right..average hard working people who have no clue how the markets really work. Big and smart money is gone, and now the markets fall and reset again to start another cycle. "

 Pete Allen wrote on October 10, 2008 10:40 am:
" Presidents Carter and Clinton set the stage for the current economic mess. Barack Obama's Acorn set the wheels in motion. Stanly Kurt'z "Obama's Dangerous Pals" in the New York Post has the details on that.

Then Democrats such as Chris Dodd and Barney Frank blocked every attempt to bring Fannie and Freddie under Generally Accepted Accounting Practices and Congressional oversight. So this crisis is a Democratic crisis, from A to Izzard.

Pete Allen "

 Warranty Expired wrote on October 10, 2008 10:52 am:
" What else is new; GOP blames Dems, Dems blame GOP. Everyone votes for Everything along party lines. Party not only elects, Party also governs. That is how this mess was created. Until we elect representatives who can think and speak for themselves, and govern for the people, we will repeat this mess over and over. Maybe you all should stop wasting time looking into the archives for the other party's smoking gun. Dust off your Econ 211 textbooks and suggest some solutions. "

 MarkyMark wrote on October 10, 2008 11:25 am:
" Questions I have for the Dittohead:

1. Why did a law under Carter wait until Junior was president to start showing bad results.

2. The deregulation that Clinton signed, was a Republican sponsored bill with a Republican majority in both houses and was authored by none other than John McCain's economic advisor, Phil Graham. How is this a big Liberal thing?

3. 2003-2004 had a good majority of Republicans hell bent on "Deregulating" not regulating. They have no excuse for not changing any law in the land with the kind of majority they enjoyed. How is this the damn, Liberals fault?

4. How are you tying Acorn in with the Stock Market crash?


Awaiting some answers? "

 WB wrote on October 10, 2008 12:09 pm:
" Mark, your reasoning only makes sense if Obama was elected and passed his capital gains tax bill. Even if Obama would be elected there is no guarantee that the tax hike would become law. And wouldn't Wall street investors be pushing to make sure Obama won't be elected?

It must be nice to have a crystal ball to see who will win the election and what tax laws he will pass. Maybe you should start selling your investment advice so others can gain from you crystal ball.

If what you say is true, the why is Warren Buffet investing billions into the stock market. You'd think he'd be pulling out just like you, but no, he is pouring billions into the market.

Maybe the market is skittish because they know if McCain gets elected the markets would really tumble because McCain hasn't a clue about the economy. "

 Chris wrote on October 10, 2008 12:17 pm:
" Yes Michael Leonard's letter is certainly not a balanced view of things. And the inclusion of ACORN is simply strange. But its really laughable how Democratic partisans on this blog have reacted to all this like those elected officials from their party and in the media can do no wrong. In truth our economic woes are a combination of the failures of Republicans and Democrats in the Congress and the White House in the last several years. But CNN, who shills for the Democrats and whom most Democrats hang the over word on, as well as Fox News who obviously shill for the Republicans, are probably going to engage in the frivolous intestine staring partisan non-sense rather then give a balanced view. Partisans and the two major parties are what is really wrong with this country and until people educate themselves and look beyond the media, the majority of the people in this country will probably continue to get the inept and incompetent leadership they deserve. "

 Hey Iona wrote on October 10, 2008 12:42 pm:
" You state: "Mr. Leonard probably has absolutely no idea who ACORN is and what they do."

Why are their offices being raided in Nevada and why are they under investigation in other swing states for voter FRAUD? Whatever good they have done, is gone if they are under a cloud of suspicion for voter fraud. They will be the ones that are blamed when the results for the election are delayed for weeks while they decipher which votes are junk and which are valid. "

 Common Sense wrote on October 10, 2008 12:43 pm:
" One piece of the puzzle would be to outlaw these idiotic adjustable rate mortgages. "

 The Economist wrote on October 10, 2008 1:31 pm:
" Carter might have had something to do with this mess, Clinton too. Yes, Republicans have held control far longer and to a far greater degree than Democrats and their policies more thoroughly and consistently reflect the theory of Miton Friedman. The foundation of this crisis, my friends, is not politics but economic and Friedman's policy recommendations that could have only brought us to this juncture and to no other. As fellow economist John Kenneth Galbraith said, “Milton’s [Friedman’s] misfortune is that his policies have been tried.” It is not an issue of a few dishinest people misusing the system for their own advantage but endemic to deregulation and 'free-markets'. "

 Dave wrote on October 10, 2008 1:38 pm:
" Fine Michael. Anything it takes to not talk about or acknowledge Iraq. Carter? Sure...why not! Carter it is! Who will it be next week? "

 To Hey Iona wrote on October 10, 2008 1:46 pm:
" You need to get your facts straight. ACORN is not under investigation for voter fraud, as you claim. These are individual cases of voter fraud that are investigated at their origin; namely, the voter. A number of those so-called investigations are politically motivated because Republicans know that suppressing voter registration drives affect potential Democratic voters. The fact that you felt the necessity to use caps in the word "fraud" suggests that you must've heard about ACORN on Fox News or read Michelle Malkin's blatantly false op-ed piece that appeared in a number of newspapers this morning (thankfully, not the Journal Star). "

 Warranty Expired wrote on October 10, 2008 2:17 pm:
" Reminds me of kids on the playground....
"You're stupid."
"Oh yeah? Well you're ugly."
"Well, you're stupid and ugly."
"I'd rather be stupid and ugly than stupid, ugly and weird."
Somebody's gonna win the election - then it sure would be nice if they would forget who they belong to, and just govern and lead. "

 Jan wrote on October 10, 2008 2:28 pm:
" So Mark what did all these smart people do with the money they cashed out on? You move it somewhere and all markets are down around the world. So those trillions of dollars are under someones mattress? They cant be in another market or that would have gone up a lot, a very lot if you are right. Therefore you must be wrong. My logic is a good as yours. "

 DW wrote on October 10, 2008 3:19 pm:
" I like how anytime a view contradicting the leftist liberal doctrine is challenged, it's dismissed as right wing and nutty.

Here's the thing: ACORN was brought up because they are set to get a piece of the bailout money. Possibly as much as 10-20% because they are directly tied to Fannie and Freddie. Don't believe me? Look at the testimony from 2004 and 2005 in regards to the regulations that both were supposed to have as suggested by an impartial regulator. Who was blocking these regulations? I'll give you a hint...most of them had "D" next to their name. And while you're at it, look up the Cloward-Piven strategy sometime. Quite educational. "

 RE Mark wrote on October 10, 2008 4:03 pm:
" Yes...I certainly see how the threat of a potential of a hike in a capital gains tax (only after Barack Obama's swearing-in, re-writing of tax law, revision and debate and bickering in Congress) is of larger concern to investors than the collapse of various important financial institutions accompanied by a steep decline in world wide markets.

I've never claimed to have a sturdy grasp of economics, but that makes absolutely no sense to me.

Also, you, Mark, are about the only person I've heard say recently that trickle down economics "works." Please define "works." The disparity between the rich and poor is on the rise. The poor are effectively poorer than they have been in decades, still waiting for the pitiful little trickle that slips through the clutches of the super-wealthy. I would love to see a few reputable economists stand up for supply-side economics as practiced by Republicans the past few decades. "

 Different view wrote on October 10, 2008 6:59 pm:
" I think that casting blame is too easy. Yes there were several blunders, but the biggest blunder was done by the American Public. WE have the power and we have been asleep for so long that we have FAILED to notice that our leaders, were for the most part NOT doing the job.

That has to stop. We must start to reprogram our culture,to pay attention, to be watchful of the elected and make sure they are doing the job that we sent them to do.

We also must change the terms of the elected, perhaps 7 years in and then they must wait 5 years before being re-elected, or some other change. This would allow those sent up to do a job and not worry about being re-elected.

Reformat, restructure, change. It begins in your backyard, not in Washington. "

 Zoomie wrote on October 10, 2008 9:50 pm:
" DW - yes, I also suggest an education. Such as in how to research Congressional bills and their history. First, neither the original draft NOR the final version of the rescue bill ever mentions ACORN anywhere in the bills. Not once! Second, while the original draft did include a provision that 20% of any profits made from troubled assets later sold go to two established funds (The Housing Trust Fund and The Capital Magnet Fund), which BY LAW already in place must distribute monies via state block grants and through a competetive application process, respectively. Note - NEITHER directed a penney to ACORN. But this is all moot. The entire provision was REMOVED from the final bill! This entire claim, DW, is pure fiction created by rightwing pundits to try and fire up the base against Democrats. BUT ITS TOTALLY FALSE! "

 gunner wrote on October 10, 2008 10:08 pm:
" Of all the comments here only one has it right (different view) the blame goes squarely on the reflection all of you see in the mirror. all of You elected those crooks and support them through laws and lawlessness so suck it up bro - you have brought on your own downfall! "

 DL wrote on October 10, 2008 11:26 pm:
" The largest contributing factor to this economic mess we are in the lack of oversight and regulation. This is entirely a REPUBLICAN issue. Republicans seem to think, naively, that if we get government out of the way the good ethical corporations will do the right thing. Haven't they proven over and over and over that they are interested in one thing and one thing only: MONEY. As far as I am concerned this economic meltdown puts the final nail in the coffin of voluntary guidelines, restrictions and regulations for corporations. Wake up!

It is time our economy begins rewarding ingenuity and hard work rather than investment and short-term tactical management. "

 Interesting wrote on October 11, 2008 7:16 am:
" isn't it that when the demise of capitalism is at hand, the capitalists resort to socialist policies. "

 Food for thought wrote on October 11, 2008 10:37 am:
" Have any of you bloggers read "The Second Civil War - How extreme partisanship has paralyzed Washington and polarized America" by Ronald Brownstein? Now aren't we all going to look like a bunch of ninnies 100 years from now (if our nation survives that long) when they analyze the thoughts expressed by you Yankees and Rebels.........eeeerrrr I mean Republicans and Democrats. "

 To Jan wrote on October 11, 2008 6:00 pm:
" Well, Jan, my husband and I started withdrawing our money several weeks ago and just finally got the last out two weeks ago before the really big "crash". We put it in a regular savings account (actually more than one) It isn't drawing a lot of interest, but it isn't losing any either. Call us selfish, but we are in our 60's and could not afford to lose a great deal. So, maybe, just maybe the other people who have "cashed in" are doing what we did. Or, maybe they took the cash and buried it in the ground..... "

 Rxwoman wrote on October 11, 2008 9:38 pm:
" Yeah, I also almost choked on my cornflakes when I read Leonard's letter. How does a person become so far removed from reality? Is it simply a case of listening to right-wing hate radio? Or is it stubborn denial, and lack of honesty to admit that you were wrong? Wrong about so-called "trickle-down" economics, and wrong to ignore progressives who have insisted that lax over sight would result in just this kind of crisis?
I read here also some who are really reaching to blame Obama ( jeez, the guy isn't even in office yet!) for saying he will tax the wealthy. Well, I have news for you folks, Clinton DID raise taxes on the wealthy, and the economy boomed! Remember the 90's? He also raised the minimum wage, twice, while conservative howled that doing so would lead to unemployment. It did just the opposite.
I mean come on, the evidence couldn't be any plainer. While Reagan/Bush ran things the economy stagnated, the rich got richer, and those of us who work for living had to scramble. while Clinton ran things the economy boomed, the stock market went through the roof, thousands of new jobs were created, and folks bought things, poverty and violent crime went down for the first time in over a decade, AND a balanced budget. Now we have dubyah, and his uber neo-con, deregulate, cut taxes for the wealthy, supply side policys, and well....we see what the result has been.
I'm not saying Clinton is perfect, I'm not saying I agree with everything he did, I'm saying that in general democratic administrations tend to favor the working class, and Republican ones favor the wealthy and corporate America, to the detriment of the middle class, and we have ample evidence right now that proves it.
And to insist otherwise is simply dishonest. "

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