To the Editor:
In reply to Joseph Passafiume’s letter in the August 25 edition of your paper (Rebuttal to the rebuttal”), he must be living on planet Fox, where facts are never encouraged.
The root of the 2008 financial crisis, as described by Mr. P, was the Community Reinvestment Act, “requiring banks to grant loans to individuals with no conceivable ability to pay them back.” I’d love to see that section of the act. Others do not share Mr. P’s view. The Financial Crisis Inquiry Commission formed by the U.S. Congress in 2009 to investigate the causes of the 2008 financial crisis, concluded “the CRA was not a significant factor in subprime lending or the crisis.”
Mr. P talked about the Iraq war, stating, “The war started in 2003 was not U.S.-instigated …” Really? I guess on planet Fox, Iraq attacked the United States.
He also said “over 94 million Americans are no longer employed or looking for work.” That figure includes 38 million people at least 65 years old (retired people), about 12 million people 22 years and under, and disabled people unable to work, and adults who choose not to work. What Mr. P does not point out is that the economy has created jobs for over 70 consecutive months; the economy is actually doing really, really well; the Fortune 500 saw record profits during the past few years — what has not done well is wage growth. Of course, Obama and Democratic proposals to help wage growth (infrastructure spending and raising the minimum wage) have been blocked by the Republicans.
I guess Mr. P is worried because on planet Fox, Democrats are going to steal the election, take away all guns, and then force everybody to get gay married.