Letter: 'Great Recession' makes inaccurate comparison

January 14, 2014 

Regarding the cartoon on the opinion page on Jan. 7: "2054... Bankers and financial execs are finally held accountable for the Great Recession of 2007-2009" showing a man behind bars saying "It's not fair."

It should read, "Dodd and Frank are finally held accountable." Sen. Chris Dodd, D-Conn., and Rep. Barney Frank, D-Mass., pushed banks to make mortgage loans with little evidence of the ability to repay.

Their effort was part of the Democratic-controlled Fannie Mae and Freddie Mac mortgage agency melt down.

Government-backed mortgages were bundled and sold to unsuspecting investors. This is what caused the real estate market to crash as these bad loans defaulted. The liberal's use of the term "Great Recession" is objectionable. We all know of the Great Depression. To call 2007-2009 the "Great Recession," equating it to the event of the 1930s, is not accurate. Unemployment was as high as 24 percent. During their Great Recession, unemployment was 5 percent in 2008 and reached 10 percent in 2010. The administration claims unemployment is now 6.7 percent. We all know unemployment is much higher than that. We can all see what liberal policies have done to this country. High unemployment and a national debt we may never be able to repay.


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