Blame crisis on the government
In Tom Petruno’s column about the Madoff scandal (“Betrayal of trust a Wall St. tradition,” Dec. 20), he says that Reagan said that government was not a solution but the problem. Petruno says that in this case, government is the solution.
But he does not say that government caused the whole mortgage housing problem. Both Democrats and Republicans are responsible.
Bush said he wanted it to be an “ownership society.” When Congress was told two years ago that there were problems with [subprime] mortgage loans, it chose to ignore them.
Anyone with an ounce of common sense could see that eventually there would be a collapse if so many new homeowners would default on their loans.
Judy Herbst
Beverly Hills
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