Review of Peter J. Wallis Article In the Wall Street Journal

by Sig7. November 2012 20:47

Wednesday, October 12, 2011

“Sig, here is another article for your blog,” wrote my friend David and attached an article by Peter J. Wallison from the WSJ. I do not believe that many of you have the time to read the Wall Street Journal for two hours each morning the way I do. Therefore, a monumental amount of very important information about the economy, the politics and cultural changes is lost. I will try to sum-up many of the topics and try to present them in condensed form. Perhaps those of you with some spare time in the evening, and an interest in the country will be able to follow along.

Peter Wallis postulates that the "Occupy" protesters in their tent enclaves have been sold a bill of goods. Now we all know that the Thesaurus defines a bill of goods as deception, misrepresentation, falsehood and deceit. So, what would make Mr. Wallis say something so strong and accusatory? It is simply the fact that he, and many others, believe that the government was responsible for the housing crisis that brought on our economic downturn.

Instead of protesting Wall Street, he thinks it would be more appropriate to put up tent in front of the White House or the House of Congress. It was the Dodd-Frank Act that allowed Fanny Mae and Freddy Mac to lend money to people who had neither down-payment for a house, nor did they have the means to later make the monthly payments on their loans.

Now let us be quite clear, this feat of pushing the housing market over the brink, accomplished through the flawed Department of Housing and Urban Development, an agency with a long-time reputation of mismanagement, was the piece the resistance served up by the Bill Clinton and the George W. Bush administrations.

In conclusion let me say that anyone who lost their house should protest HUD and the offices of Mr. Dodd and Frank. It was their brain-child and they should be fully credited with the results. That is not to say that there were not plenty other suspects involved in the crisis—and yes, Wall Street was in on it too. In my opinion--like a kid discovering an open candy-jar.

 

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Comments (6) -

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About the author

Born in Germany in 1941, Sigrid Weidenweber remembers the horrific aftermath of Fascism. At the end of the war, she found herself living under Communism. Both of these totalitarian regimes left indelible marks on her psyche and a healthy distrust of government’s, usurping too many powers to control people, supposedly for their own good. After the Berlin Wall was built, she managed to escape the repressive environment with the help of friends and a French passport. To this day she does not speak French.

She holds degrees in medical technology, psychology and an Honorary Doctor of Letters from Concordia University of Portland, Oregon for her trilogy "The Volga Flows Forever."

 Her first published book, “Escaping the Twilight,” deals with aspects of medical anthropology in an Islamic culture. In her trilogy the Volga Flows Forever, she brings to life Catherine the Great in her multiple roles as monarch, woman--lover, mother, grandmother and head of the general staff of the army, in volume one. The following two historical volumes deal with the Volga Germans brought to Russia by Catherine's edict.  The last book, “From Gulag to Freedom,” describes the lives of Russian-Germans and minority populations under Stalin’s regime and the systematic eradication of these minorities. The last part of the book is a comparison of communism, Russia, versus free enterprise in the USA. The heroin of the book settles in Fresno, California.

Three years ago she moved to Santa Rosa Valley, California from Portland Oregon. She has passionately embraced California together with her family that also resides here.

Always active, lecturing on historical and anthropological subjects and being a part of arts and culture in Portland, Oregon, she bestrode the same path when she came to California and is active on the Northwest Symphony League Board.

At present she is writing a memoir of her early childhood during WW I and later young adulthood under Communism.

 

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