Growing national debt jeopardizes all of us

Democratic leadership in Congress put pressure on financial institutions in the '90s to make risky real estate loans, then set up Fannie Mae and Freddie Mac to purchase these high-risk mortgages in package deals. The Federal Reserve Bank added to the risk by keeping interest at historic low rates, which further fueled the coming disaster.

The federal government put up more than $145 billion to take over these two bankrupt failures in 2008. Now we find out that Fannie Mae needs another $8.4 billion from the taxpayers to help cover the $11.5 billion loss for just the first quarter of 2010. These two companies still hold $5.5 trillion in mortgages and loan guarantees.

This immense risk is being loaded on the books for taxpayers to bail out. This debt increasing at an ominous amount threatens our nation's financial survival. Irrational government plunging into debt jeopardizes all of us.

John Kittleson

Postville