Rebuilding America's Economy

By Joe Pitts

Responsible, bipartisan action is needed now.

This crisis was caused by a combination of corporate greed and government stupidity. In 1995, the executive branch changed regulations to force lenders to help more Americans afford homes of their own. This was a well intentioned initiative, even though it forced banks to give loans to people who were poor credit risks. Lenders, though, quickly saw it as a way to make more money. More people in the housing market meant higher demand and higher prices. That led to more and more "creative" and irresponsible mortgages. Now, the bubble has burst and we are paying the price. The Wall Street cowboys who made billions on the backs of those who could least afford to be taken advantage of need to be held responsible. So do those in Congress who blocked efforts to crack down on Fannie Mae and Freddie Mac before it was too late.

Most American businesses are run by honest executives and powered by the best workforce in the world. The real strength of the American economy lies in everyday businesses in every town across our country. It does not lie in Wall Street. For that reason, I know this crisis will end and our economy will recover. The essential thing today is for Democrats and Republicans to work together for the benefit of this country and its economic well being. Even in the days leading up to this election, partisanship is inappropriate now.