Last week I mentioned in my weekly piece that when I purchased my home in the 80s I had to jump many hurdles to obtain a home loan from a mortgage company. Our government had just bailed out many Savings and Loan establishments to the tune of about $120 to $150 billion dollars due to bad loan investments. Thus, to qualify for a home loan I had to have a near perfect credit rating and give a sizeable down payment. Luckily, that is, if that¹s what you call someone who has saved all of his life and worked hard to shelter his family, I managed to meet the mortgage company¹s qualifications.

After the 1980s Savings and Loan debacle, mortgaged companies put stringent demands on prospective homeowners. However, within a short time our illustrious politicians, particularly Democrats, chided mortgage-lending institutions to relax their lending rules. Under strong political pressure, mortgage loan companies and government controlled financial institutions soon caved in to government demands and opened their money coffers to anyone who wanted a home loan with little to no scrutiny. Soon, many homeowners were buying and selling homes as quick as they could at inflated prices to make a generous profit. In a wild home buying frenzy, many homeowners soon found themselves in an over inflated priced home they could not get rid of and were left holding a loan with an escalating interest rate and huge monthly payment. Left holding a bad home investment, homeowners were foreclosed and mortgage companies again were left with many bad home loans as had previously happened in the 1980s.

It¹s apparent to me that lending institutions and liberal politicians didn¹t learn from the past mistakes of the Savings and Loan debacle. Now, Democrat and Republican politicians again are asking that we, the taxpayers, bail out these foolish mortgage lenders.

This week as I drove home from San Antonio, I was listening to sound bites on the radio given by Republican Senators and Congressmen warning Freddie Mac and Fannie Mae executives that if they didn¹t amend their lending practices they would soon find themselves in a heap of trouble. The sound bites were from the archives of the Senate and Congress from the early 1990s. Likewise, there were sound bites from Senators and Congressmen praising Freddie Mac and Fannie Mae lending practices. And guess which politicians and from which party they belonged? You got it! They were mostly Democrats like Congressman Barney Frank, Chairman of the Financial Services Committee and Senator Chris Dodd, Chairman of the Committee on Banking, Housing, and Urban Affairs. One of Senators also warning mortgage loaning institutions was Senator John McCain. However, Senator McCain now wants to bail out these inept lending companies along with his Presidential opponent, Senator Obama. One wonders whatever happened to Senator McCain¹s maverick tendencies.

After Congress recently failed to pass a bail out totaling $700 billion dollars to faltering financial institutions I jumped with joy. And never was I more proud of our Texas Congressmen, who voted almost unanimously against the bailout. Likewise, I was also proud of the 95 Democrats who teamed up with Republicans to slam down this armed robbery of taxpayer¹s money to bail out greedy CEOs of lending institutions under the guise of helping our bogus faltering economy.

I¹m sure that most of you are aware that President Bush has tired hard to get both parties to come up with a bail out bill so he can sign it into law. I now ask President Bush¹s critics, if he has so much power, and is always blamed for all the problems in our country, why is he begging Senators and Congressmen to solve this bogus financial crisis? You got it! He doesn¹t have the power the Congress and the Senate has. The Senate and the Congress make law, the President only approves or vetoes it with his signature. However, Congress can still override his veto. Of all the politicians on the side of bailing out lending institutions, I find Senator Obama¹s most hypocritical. Here¹s a man who has lambasted and intends to if elected, to tax the heck out of rich people, CEOs, and successful businessmen. Now, he wants to help these wealthy financial lending executives with our tax dollars so they can go and screw things up again. I just don¹t get it.

Just yesterday (10-1-08), the Senate passed a Bail Out Bill and they are hoping that the Congress will approve it once it goes back to the House floor. Folks, the Senate¹s Bail Out Bill is full of pork: repealing a 39 cent excise tax on wooden arrows for children, provisions for Hollywood producers, stockcar race track owners and rum distillers. Why did Senators pass a bill with more pork? Simple, they run every six years and only 35 of the 100 seats in the Senate this year will be contested. Folks, I have investments in the Stock Market, and lately they been tanking. However, I have the utmost confidence in our Free Market System and I¹m almost sure that eventually it will correct itself and rebound. Many Americans like myself do not want Government to oversee our Free Market System because it is unconstitutional. Politicians, from both major political parties supporting this bail out program are taking us on a dangerous road towards Socialism.