Monday, December 20, 2010


If you Google Joseph A. Smith Jr., you will find scant mention of the North Carolina Commissioner on Banks, which is ironic because he has been appointed by the Obama Administration to help decide what to do about the Fannie Mae and Freddie Mac crises beginning in January.

While the media ponders such noble questions like whether the Republican Majority leader cries publicly too much or not, Mr. Smith will be tackling a problem of such magnitude that it is foolish to think his decisions will not affect our children and grandchildren. The government mortgage guarantee system has been in place one way or another since Franklin Roosevelt. Both Presidents Eisenhower and Johnson made changes to the system that still ripple down to us fifty years later. The overhaul of this system, one could argue, has more far reaching consequences in the everyday lives of Americans than the war now going on, but try to prove that based on media coverage!

By Sam DelPresto

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