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Successful Flop

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FROM A READER

Published: December 3, 2008

Editor:

" … guarantee that the loan will be repaid." Is there anyone of the millions of people who defaulted on their home loan who did not guarantee that their loan would be repaid?

If General Motors goes under, does this mean that people will not be able to purchase new autos? I think not. The market for autos will vary, as it always does, whether G.M. is in existence or not.

The void that would be created by the demise of G.M. would be filled by other manufacturers and their employees. And life will go on. The pensions G.M. retirees receive would be paid by your federal government, via the Pension Benefit Guaranty Corp.

The Democrats have ruled Congress the last two years. Their oversight of, among other things, Freddie Mac, Fannie Mae, IndyMac and FDIC-insured financial institutions has been a complete and successful flop. The consequences of their self-serving actions will foster a train of negative events that will surely come.

Merry Christmas, and the best for the coming year.

Alex Billos
New Port Richey

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