For or against the Bailout

I am for some sort of bailout. I'm not sure this is the right approach but they need to clean the balance sheets of our financial institutions to free up capital. In my opinion, the root cause of the problem is the original Community Reinvestment Act passed by Jimmy Carter in 1977, then supercharged by Bill Clinton in 1993. This is the result of the govt. being too involved in private industry by pushing Fannie Mae and Freddie Mac into the subprime mortgage business. In July of 1999 the Dept. of Housing and Urban Development told Fannie and Freddie that they wanted 50% of their mortgage to be subprime by 2001. These are Govt. Sponsored Enterprises that the govt has a tremendous amount of control over. But not passing some sort of bailout would have severe consequences to our economy. - Glenn Wiggle