高分求150字英语作文

Therecentupheavalinthefinancialsectorhassomepeopleinapanic,mostpeoplebewildered,andothersbusyaimingtheirpointerfingersatwhomevertheythinkisguiltyofdoingsomethingthatcontributedtothisproblem.Thepresidentialcandidatesareinthelattercategory.Theyaren’tquitesurewhattodoorwhattosay,butthatdoesn’tstopthemfromsayingsomething,anyway.

JohnMcCainmadeadecisivestatement,attemptingtoshowleadership,buthisstatementwasnotaverysmartone.BarackObama,bycontrast,simplyblamedRepublicans.

Fewthingsareassimpleaspoliticiansmakethemseeminanelectionyear.Politicalcandidatessucceedbyissuingpointedstatementsthatareeasytounderstandandthatconnectwithvoters;truthandaccuracyarenottheprimaryconcerns.

Theimportantthingrightnowistofigureoutwhatactuallyhappenedinthefinancialsector,andfixthingssoitcan’thappenagain.Wemustignorethetremendousamountofspeculationaboutwhat“might”happen,andthedoomandgloomsoothsayerswhotellusthattheskyisfallingorthattheendoftheworlddrawethnye.

Becauseofitscomplexitythecurrentfinancialsituationinvitessimplepoliticalmessagesthatconnectwithvoters;itdoesnotlenditselftofullexplanationsthatilluminate.

So,whenSen.Obamasaysthat“it’stheRepublicans’fault,”heisexpressingasimpleideathatalotofpeoplebuyinto,butdoesn’texplainanything.ItisasillyoversimplificationunworthyofamanwhowouldbePresident.Itappealstoemotionalprejudicesandignoresinconvenientrealities,andmostimportantofall,itisjustplainwrong.

WhenSen.McCainsuggestedthatSecuritiesandExchangeCommissionheadChristopherCoxdidn’tdohisjob,andifhewerepresidenthewouldfireMr.Cox,theSenatordidn’tofferspecifics.We’llknowmoreaboutMr.Cox’sroleastimepassesandwelearnmoreofthedetails,andcanthenjudgeifMr.McCain’ssimplemessagetovotersaboutfiringChrisCoxwasaproperevaluationofthesituation.

Sen.ObamadescribedthecurrentagonyasthemostseriousfinancialcrisissincetheGreatDepression,”ignoringalltherecessionssincethen,eventheonesinthe80sandtheonefollowingthe9-11attacks,botharguablymoreseriouscrises.Ofcourse,itremainstobeseenjusthowseriousthisproblemwillultimatelybe,butgivenMr.Obama’sabysmalunderstandingofthingseconomic,wewoulddowelltotakehisprognosticationswithagrainofsalt.

Therootofthisproblemisthehousingmarket’ssubprimeloancrisis.Asubprimeloanisaloanmadetosomeonewhoundernormalcircumstanceswouldnotqualifyforaloan,basedupontheirincomeandtheirabilitytomakepayments.Thatbegsthequestion:Whywouldabankmakealoantosomeoneitbelievesisunabletomakethepayments?

TheCommunityReinvestmentAct(CRA)wasgivenlifeduringtheCarteradministration,andempowersfourfederalfinancialsupervisoryagenciestooverseetheperformanceoffinancialinstitutionsinmeetingthecreditneedsoftheirentirecommunity,includinglow-andmoderate-incomeneighborhoods.Wheneveraninstitutionwantstomakevirtuallyanychangeinitsbusinessoperation,suchasmerging,openingupanewbranch,orgettingintoanewlineofbusiness,itmustfirstprovetoregulatorsthatithasmadeampleloanstothegovernment'spreferredborrowers,thoseinlow-andmiddle-incomeneighborhoodswhonormallywouldnotqualifyforaloan.Lenderswithlowratingscanbefinedbythegovernment.

TheCarteradministrationusedtaxdollarstofundnumerouscommunitygroupsthathelpedthegovernmentenforcetheCRAbyfilingpetitionsagainstbankswhose“cooperativeness”didn’tmeasureup,andsometimesstoppingtheireffortstoexpandtheiroperations.Banksrespondedbygivingmoneytothecommunitygroupsandbymakingmoreloans.OneofthoseorganizationswastheAssociationofCommunityOrganizationsforReformNow(ACORN).AnactiveassociateofACORNinthe90swasayoungpublic-interestattorneynamedBarackObama.

So,startingin1977thefederalgovernmentbegan“encouraging”—perhaps“strong-arming”isamoreaccurateterm—bankstomakeloanstopeopletowhomtheynormallywouldnotmakealoan,andin1995theClintonadministrationpushedthroughrevisionstotheCRAthatsubstantiallyincreasedthenumberandamountoftheseloans.

Allofthebadloansweren’tcausedbytheCRA,ofcourse,butbillionsofdollarsinCRAloansdidgobad,asshouldhavebeenexpected.WhenFannieMaeandFreddieMaccamealongandmadeitpossibleforbankstoescapetheriskassociatedwiththeseill-advisedloans,conditionswerejustrightforalargeportionofthebankingindustry,eveninstitutionsthatdidnotfallundertheCRA,tobecomeinvolvedinmakingloanstounqualifiedborrowers,andbanksparticipatedinbignumbers.

Thefederalgovernment’sfingerprintsarealloverthiscrisis,andtheDemocratswhoaretodaysorighteouslyindignantandblamingtheadministrationareatleastasguiltyastheRepublicans.

JamesH.Shott,aresidentofBluefield,Va.,isaBluefieldDailyTelegraphcolumnist.HeblogsatObservations