Iowa is heading toward bankruptcy

I find it amazing that the “blue” states are running out of money and in a few cases are basically bankrupt. Look at California, New York and Michigan and we see financial disasters. These states are run by our friends the liberals, who never saw a spending bill they didn't like.

Now Iowa is heading down the same slippery slope. Our beloved governor was elected by promising the public employees unions, especially the teachers union, that if elected he would give them pay raises. The idea of saving something for a rainy day is just not part of a liberal's mindset.

Unfortunately, three years ago, the U.S. Congress was taken over by Nancy Pelosi, Harry Reid and their liberal friends. Barney Frank is on the banking committee and pushed the banking system to loan home buyers “subprime” mortgages so they could all have their own houses even if not qualified. The system crashed when non-qualified buyers defaulted in record numbers. As a result, the entire economy went south, and we blame the banking system?

Heaven help us.

Gary Rees

Manchester