Democratic ties to financial crisis

Last week, I read a letter from University of Minnesota staff member Michael Leviton regarding the current financial crisis. If we are still playing the blame game, then letâÄôs name names, not just a âÄúRepublican ideology.âÄù In 2005, proposed legislation to put some safeguards into the banking business was defeated by none other than, among others, Barack Obama and Sen. Hillary Clinton. Deregulation was not the cause of the âÄúhorrible investment decisionsâÄù made by banks. They were told to do so by the government, led by Senate Democrats. Yes, lack of oversight was a problem. Who had oversight? The Democrats. Who won? The CEOâÄôs of Fannie Mae and Freddie Mac: Bill Clinton cronies Franklin Raines and Jim Johnson walked away with hundreds of millions of dollars with no accountability! Hopefully, we have all learned a lesson. When power is concentrated in one government entity, greed, fraud and corruption prevail. That is the danger of socialism. University students want to better themselves, donâÄôt they? Only capitalism will support you! Fred Axelson New Hope resident