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Letter to the Editor — Financial Reform and AARP

Editor’s Note — This letter was sent to local newspapers by Terry Smith.  Although Terry is an officer of Whitley County Patriots, his opinions do not automatically reflect official ‘positions’ of WCP.

Dear Editor:

I encourage all right thinking members of AARP to cancel their membership. 

AARP has embarked on a campaign to encourage people to support Obama’s take over of the American banking system.  It published a full page ad in the Sunday 18 Apr 10 Fort Wayne Journal Gazette and their radio ads can be heard on Fort Wayne’s WOWO radio station.

These ads are misleading in that they blame the banking industry for the massive bank bailout.   This can not be further from the truth.  The crash of the housing market was directly caused by federal laws and regulations.

The Community Development Act of 1977 was a Jimmy Carter law.  The Clinton’s Justice Department demanded that banks make housing loans regardless of lender qualification.  The Bush administration on nine occasions asked Congress to change these  lending laws but these efforts were thwarted by the ethically challenged Chris Dodd and Charles Rangel.

The derivatives that AARP blames on investment companies were the products of Fannie Mae and Freddie Mac, both of which are creatures of Congress.  At the end of the Clinton administration, his people moved to Fannie Mae and Freddie Mac and were paid Million dollar salaries and huge bonuses for creating the housing mortgage derivative market for all of the subprime housing mortgages they purchased.

The bubble burst and we went through phase 1 of the real estate market bust.  The next wave is the re-defaults by home owners whose mortgages were rewritten after their first default, and a new bubble involving FHA.

Obama’s SEC voted on party lines to sue Goldman Sachs, not for any criminal violation but for civil fraud pertaining to derivatives even though the real perpetrators of the fraud were Clinton’s stooges at Fannie Mae and Freddie Mac.  And any civil penalty rendered against Obama’s supporters  at Goldman Sachs will be paid from bailout money received from their buddy Timmy Geithner.  Its all a sham, its all political, but it all has a purpose.

The purpose of the finance industry takeover bill is not to fix lending practices but to take over the finance industry.  The purpose of the SEC lawsuit is to demonize banks.  The purpose of the AARP ads is to stir up hate.

AARP’s duplicity cannot go unchallenged.  Cancel your membership now!

Signed, Terry L. Smith

God Bless America

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I have sworn upon the altar of God, eternal hostility against every form of tyranny over the mind of man. — Thomas Jefferson, letter to Benjamin Rush, September 23, 1800

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