February 8, 2010

Pointing to his timeless wisdom, our founding father Ben Franklin remarked in his autobiography that "&when you run in debt: you give to another power over your liberty." As the national leaders push us to borrow and borrow more and more, we risk the loss of our financial freedom. I would argue that you cannot spend and borrow your way out of a financial crisis and that true economic growth comes alternatively from savings and innovation. Recently, the union spokesman disguised as a Senator, Chuck Schumer, publically pressured Citigroup to make a bad loan to an untimely commercial real estate project known as the Carousel Mall in Syracuse. Forcing capitalist to make bad loans for political reasons is the primary cause of the recent recession and financial crisis. The politicians that convinced people that home ownership was a right and who funded the homes through quasi-governmental agencies like Fannie Mae and Freddie Mac, have not only ruined many lives and weakened our country, they have sold out America for some votes. Leverage, or borrowing, should only be used when both sides have a realistic chance for success. Otherwise, the liberties of everyone, including the US taxpayer, are lost.