America's Growing Pains.

From wikipedia.

"In 2002 there was an interagency review of the effectiveness of the 1995 regulatory changes to the Community Reinvestment Act and new proposals were considered.^[6] In related 2003 proposals, the Bush Administration recommended that a new Department of the Treasury agency should supervise the primary agents guaranteeing subprime loans, Fannie Mae and Freddie Mac. Congressional support was approximately split along Party lines, with many Republicans in support of the changes and the Democrats against, and the proposal eventually failed due to the many republicans that sided with the dems.

Barney Frank, the ranking Democrat on the House Financial Services Committee, voiced his opposition to the changes, saying that "these two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis. The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing." Representative Melvin L. Watt (D) from North Carolina agreed, saying that the revisions would be a "shell game" that moves "something from one agency to another," and weaken "the bargaining power of poorer families and their ability to get affordable housing."

From me.

Barnie Frank is the Democratic representative from Massachusetts with the comedic lisp who poked fun at Republicans who voted "nay" today.

I'm not a republican or democrat, but it sure seems that the major issue at hand is that politicians simply lack the intelligence to make the correct decisions to properly guide our nation into the future.  Sounds harsh?  Read more about the CRA.  http://en.wikipedia.org/wiki/Community_Reinvestment_Act

Frankly, from what I have read, it has been Jimmy Carter and Bill Clinton who brought this trend of subprime mortgages upon the nation.  I understand it was done out of compassion, but I believe that a deal needs to be a just deal.  And even though I don't like the Bush's, both George H. W. and George W. seemed to recognize that the CRA was having incredibly destabilizing effects on our economy.

But ultimately, it wasn't just that.  It was America itself.  People got greedy and lazy.  Americans wanted the big house, but didn't really want to pay for it.  Americans wanted to lend money to people who would pay much higher interest later so that an enormous profit might be grabbed.  Americans are at risk of becoming a house divided when they prey upon themselves, or choose to deny the money they owe to their fellow Americans.

Americans want to just point the finger at the government, lenders, and Wall Street, but what about the consumer mindset of greed?  Why is it that as Americans, we must always be discontent, and that we must constantly consume bigger and better things?  Don't we see that staying in debt constantly should not be normal?  What possible use is currency when we are spending our futures?  What possible use is currency when the flow stops?  The current current is neither in the now nor is it fluid.  It's planned ahead of us and it's static.  We have no future because we sell it in order to live in the now.

We as a people need to put responsibility above our desires.  We must live within our means, and not live off of a fictitious balance sheet.  We need to stop being such a consumer nation, where we see the problems prevalent almost everywhere from energy shortages, water shortages, obesity, and now the fundamental issue which seems to cause humans to get up in arms without fail; real estate.  How many wars have been fought over land? 

The point is, maybe now if we, the Americans, can see that American immaturity when it comes to finances and global resources might cause us to lose our home, we will fight the war against our own selfish nature, a battle that will pay great dividends for our children and grandchildren.  We will reclaim our identity, and we will make the stock in our nation skyrocket, and this stock will stay steady and calm, as good as gold, and that stock is most commonly called the Dollar.

The Dollar is a promissory note.  A promise to make good on an offer.  The value of this promise is as good as our word as Americans.  If we live in debt, and fail to pay what we promise to pay, collectively as a nation, what good is our promise?  What good is the promise of the American government?  What good would it do for other nations to invest in our promises if we don't keep them? 

Securities?  What at all is secure about a group of mortgages that people are not paying?  What possible incentive would there be for China and the E.U. to continue to do business with Americans if they don't do what they promise to do?  Introductory rates are simply traps, half truths to get people to believe that rate will remain the same, when the lenders know they won't.  In return, the lendee can't pay when the rates jump, thus turning them into liars as well when they can't pay.  Regardless of the intent, the promises are broken, and the promissory note is weakened.  Credit freezes.  What is a Dollar but a reflection of American attitude?

Of course, we need to live justly, but at the end of the day, we need to learn from our mistakes, and show ourselves, if not the whole nation, mercy.  We need to fix ourselves.  We need to bail ourselves out.  But then... we need to keep our promises.  Be responsible.  Don't be greedy.  Look out for the needy.  These are all things that would correct the problems that we face because it would unite us together as a people as opposed to dividing us.  The CRA was an attempt at that, but clearly the government can't force Americans to be responsible, so therefore we need to do it on our own.

We need to secure our way of life, using our liberty, so that ultimately we can pursue happiness. We shouldn't pursue happiness using our liberty as a way of life.