From Letters To The Editor, The Wichita Eagle Friday September 28, 2012 at kansas.com
Fed, politicians transforming U.S.
With its latest announcement to outright make/buy home mortgages, the Federal Reserve has transformed itself into the replacement for the failed institutions of Fannie Mae and Freddie Mac, but with one huge difference: The Fed will simply and shamelessly print the money it uses to make/buy home mortgages. It does not have to borrow that money honestly in a free credit market at fair interest rates from willing lenders like school pension funds or middle class retirees’ 401(k) accounts, which have recently been punished and are now being doomed by the Fed’s actions.
The Fed is doing this with the encouragement and blessing of a Congress and White House (Republican and Democrat alike) that have repeatedly failed to lead the American people with principles and convictions based on our historic and patriotic spirit of self-reliance and social charity. We can expect no difference in the coming years, regardless of who wins the election.
Where is the hue and cry in the face of such a corrupt and blatant seizure of our individual economic freedom and such a shocking usurpation of our corresponding economic responsibility?
America is still a better place to live than many other places in the world, but we are witnessing the transformation of America into a land where the people live from day to day on false promises made by politicians who have been bought and paid for by powerful private international economic interests. These interests have and will continue to use the Fed for their own enrichment at the expense of every honest American.
Fed, politicians transforming U.S.
With its latest announcement to outright make/buy home mortgages, the Federal Reserve has transformed itself into the replacement for the failed institutions of Fannie Mae and Freddie Mac, but with one huge difference: The Fed will simply and shamelessly print the money it uses to make/buy home mortgages. It does not have to borrow that money honestly in a free credit market at fair interest rates from willing lenders like school pension funds or middle class retirees’ 401(k) accounts, which have recently been punished and are now being doomed by the Fed’s actions.
The Fed is doing this with the encouragement and blessing of a Congress and White House (Republican and Democrat alike) that have repeatedly failed to lead the American people with principles and convictions based on our historic and patriotic spirit of self-reliance and social charity. We can expect no difference in the coming years, regardless of who wins the election.
Where is the hue and cry in the face of such a corrupt and blatant seizure of our individual economic freedom and such a shocking usurpation of our corresponding economic responsibility?
America is still a better place to live than many other places in the world, but we are witnessing the transformation of America into a land where the people live from day to day on false promises made by politicians who have been bought and paid for by powerful private international economic interests. These interests have and will continue to use the Fed for their own enrichment at the expense of every honest American.
BOB LOVE
Wichita
Read more here: http://www.kansas.com/2012/09/28/v-print/2506569/letters-to-the-editor-on-the-fed.html#storylink=cpy
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