Letter: Congress: ‘Enabler in the wrecking of the economy’
We are deeply disappointed in the performance of Congress. Congress and the administration have failed American citizens.
Our country’s most pressing problem is the failure of our economy to meet the needs of millions of citizens. Millions of citizens are unemployed and millions more are enslaved by mortgage obligations which cannot be resolved because Congressional legislation blocks access to bankruptcy court. Denial of the bankruptcy process is an unreasonable protection of the very banks and bankers who created this great contraction.
By protecting the banks, Freddie Mac and Fannie Mae, you condemn the nation to a long period of low aggregate demand and poor economic growth. You are creating a Zombie State condemned to suffer hardships like Japan has suffered. The housing mess must be resolved right now.
Propublica.com has recently summarized the failure of legislative and administrative moves over the past three years. An excellent and sound report from the New America Foundation ("The Way Forward" by Alpert, Hockett and Roubini; October, 2011) examines the causes of our economic disaster and details important positive steps forward including detailed plans for mortgage debt restructuring and the creation of a long-term infrastructure investment bank which can support beneficial employment and infrastructure enhancement over the next seven years.
The "Occupy Wall Street" movement chose the wrong name; the name should have been "Occupy Constitution Avenue" because Congress has been the enabler in the wrecking of the economy.
Perhaps the "Occupy" movement will fizzle out and the citizens will go back to sleep. On the other hand, global communication systems may have succeeded in planting good seed and our citizens’ awareness will grow, and grow!
John C. Partin, M.D.
Jacqueline S. Partin