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Real Cause of Economic Woes

Daily News 9/30/10

Re “Obama blasts GOP ‘Pledge’ as echo of ‘failed policy’” (Sept 26):

President Obama is rhetorically redundant about not extending the tax cuts for the rich and so-called failed policies of the previous administration. But he fails to recognize historical facts. The reduction of tax rates on capital gains and dividends in 2003 resulted in more than $780 billion of additional tax revenue from that source from 2003 through 2007.

The real failed policy, though, was his, Senator Dodd’s, and Congressman Barney Frank’s. They pressured lenders (particularly Fannie Mae and Freddie Mac) to make home loans that borrowers could not afford. That process was at the foundation of the economic collapse.

Published inLetters to the Editor

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