Published: Thursday, August 30, 2012, 12:01 a.m.
Economy
Decrying the rich is biting the hand
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I have had it right up to my eyeballs with the letter writers that decry the rich and pity the poor. Your letter writing won't change a thing, so just stop it. The rich get richer and the poor get poorer because each keep doing what they do best. It matters not what the poor do, but you better keep your eye on the rich because they are the ones that keep the wheels of industry humming and without them, you will be lucky to have a roof over your head or a half a tank of gas. The poor do not invest in industry.
For all that is wrong today there is plenty of blame to go around. You can start with Jimmy Carter and his "Community Reinvestment Act" commonly known as "Red Lining." Forcing banks to make mortgages to uncreditworthy borrowers. That was the beginning of the end, but when Bill Clinton in 1998 repealed Franklin D. Roosevelt's 1933 Glass Steagall Act, it set the stage for the housing collapse under Obama's term in office. Carter and Clinton set the stage that put the monkey on Obama's back. The Democrats set the stage for this holocaust and neither of the two who caused it have come forth to offer a solution for the problem they have caused.
Give some thought to the unintended consequences when you think about castrating the monied class of this country. No investment, no jobs. It has been said it is a short step from the penthouse to the outhouse and you in the middle class could find yourselves taking a step to the same place.
John A. McDowell
Everett
For all that is wrong today there is plenty of blame to go around. You can start with Jimmy Carter and his "Community Reinvestment Act" commonly known as "Red Lining." Forcing banks to make mortgages to uncreditworthy borrowers. That was the beginning of the end, but when Bill Clinton in 1998 repealed Franklin D. Roosevelt's 1933 Glass Steagall Act, it set the stage for the housing collapse under Obama's term in office. Carter and Clinton set the stage that put the monkey on Obama's back. The Democrats set the stage for this holocaust and neither of the two who caused it have come forth to offer a solution for the problem they have caused.
Give some thought to the unintended consequences when you think about castrating the monied class of this country. No investment, no jobs. It has been said it is a short step from the penthouse to the outhouse and you in the middle class could find yourselves taking a step to the same place.
John A. McDowell
Everett
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