Another step toward socialism

Some of the latest details of President Barack Obama’s bailout plan continue the disturbing trend of a man and a government determined to undermine the financial structure of our nation. In the legislation aimed at protecting homeowners facing foreclosure (“Superprez saves day,” editorial, Feb. 20), the bill gives a federal judge the power to unilaterally reduce the principal balance owed the bank.

In the early 1990s, Congress, through the Community Reinvestment Act, muscled banks to make loans to people who could not afford to pay the loans back. Programs continue that permit a loan without any proof of ability to pay. In the face of these liberal programs, which are a base cause of the current financial meltdown, Obama has the nerve to blame the banks and Wall Street for the problem, completely ignoring the role played by a liberal Congress.

Now Obama solves the problem by letting judges simply reduce the amounts owed by people who never should have had the mortgage in the first place. Where does this leave the bank and the stockholders of that bank (namely you and me) that take a loss courtesy of government mandate? This is just another step down the road to socialism and the redistribution of wealth that Obama promised.

Charles Salembier

Waynesboro