Editor, The News:
Recently, government-sponsored, private lending companies Freddie Mac and Fannie Mae were affected so deeply by the present housing debt crisis, that Congress has taken it upon itself to bail out the two to prevent them from going bankrupt and foreclosing on hundreds of thousands of Americans.
These two corporations combined own or guarantee approximately half of the country’s $12 trillion mortgage market, according to the New York Times.
It will take at least $400 billion, and, by S&P; estimates, as much as $1 trillion in order to bail out these two troubled government-sponsored enterprises. Where would this money come from?
It will come from America’s debtors: ourselves.
Right now, the national debt is $9,545,842,200,233.46, nearly $10 trillion, up from $6 trillion in 2001.
If the bailout would cost $400 billion, each American is responsible for $1,300 of that — in addition to the $31,355.92 we already owe. If the bailout would cost $1 trillion, each American would be responsible for another $3,300 of the national debt.
Congress passed a bill which essentially authorizes the bailout, which will help approximately 400,000 Americans avoid foreclosure. However, that’s only $1,000 per person.
Congress is authorizing the expenditure of money which is not its to give. I urge News readers to read Congressman David Crockett’s “Not Yours To Give” to understand my perspective in this situation.
Colin Dean
Volant
Letters to the Editor
Mortgage bailout hits taxpayers
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Progress seen in New Castle in overcoming drug woes
Editor, The News: I would like to take this time to say what a good job former New Castle Police Chief Thomas Sansone and his department, the narcotics department and Lawrence County District Attorney Joshua Lamancusa have done with the drug problems in our town.
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Family encounters challenge with daughter’s severe illness
Editor, The News: On Feb. 8, 1998, a pair of beautiful twin girls were born at Jameson Hospital. The blessed parents of Kimberlee and Autumn were Jim Kelly and Kim Snyder Kelly.
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New Castle school board has lots of strong women
Editor, The News: Several weeks ago, New Castle school board member Anna Pascarella asserted that school board president Allan Joseph must have a problem with “strong women.”
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Assorted information gathered to end disputes at gathering
Editor, The News: I have lunch with a group of men and we have many arguments. I, the oldest member, am directed to get answers to settle their quibbling.
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Don’t allow complacency to let abortion continue
Editor, The News: On Jan. 23, I was fortunate to attend and participate in the annual “March for Life” in Washington, D.C.
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Media political coverage reflects an obvious bias
Editor, The News: Mitchel Olszak made some valid points in a recent column (Dear Reader, Monday). However, he missed the whole point and could not see the forest for the trees.
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Voters must make changes in New Castle school district
Editor, The News: In response to Friday’s letter to the editor from Philip Conti, I am not ignorant to the politics that go on in New Castle.
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New Castle district misuses committee appointments
Editor, The News: In a recent coilumn, Mitchel Olszak criticized New Castle school board members Anna Pascarella and Dr. Marilyn Berkely for refusing to serve on their appointed committees, several of which they were the only members.
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Wealthy in America already pay most of the income taxes
Editor, The News: Well, it’s not 75 percent of America or corporations who hire teams of tax attorneys to find loopholes in the 66,000-page tax code book.
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