Investigate the Investigators

Senator Patrick Leahy, (D-Vt.) stated he is contemplating steps to investigate agencies of the Bush Administration to ferret-out criminal activity. Efforts to uncover those who consider themselves above the law deserve the support of working-class Americans. While Sen. Leahy is formulating his strategy to comb through departments that catch his eye, perhaps he will turn his attention to members of Congress who beg scrutiny for our financial crisis.

Who investigates Congress? Did members of the Senate and House act in the best interest of America by writing laws and regulations that contributed to our banking and financial woes? Whom do we hold accountable for regulations that enabled mortgages to be written on inflated property values? What piece of legislation permitted borrowers to sign for payments beyond their financial means? Who voted for laws that, in effect, encouraged fraud? What were members of banking and finance committees doing if not overseeing the laws and regulations they created? Did they not see what was going on with lending and with the re-sale of bundled mortgages? Why didn't members of Congress exercise closer supervision over Treasury and, subsequently, the SEC? Americans should not accept the mealy-mouthed excuse from Congress that "it was the bureaucrat's faulty implementation of our sound, well-intentioned policies." Political bi-partisanship, while a worthy goal, should not be used as crutch to conceal wrongdoing. Americans deserve to know what went wrong and who is responsible for decisions and policies that brought us to the brink of economic catastrophe. Perhaps Rep. Barney Frank, (D-MA), and his fellow-members of the House Financial Services Committee, should lead the way by conducting an internal investigation of themselves.

To blow the whistle that would prevent someone from buying his or her dream house would not be popular with the electorate in some quarters. To say "no" is not politically correct even when acquiescence may lead to personal and national financial ruination. Many borrowers who now find themselves in a financial bind probably wish, all too late, someone had put the brakes on irresponsible practices. Sure, greedy borrowers share responsibility for their calamity. These same people, however, are paying the price for negligence as they suffer loss and foreclosure. Many Congressional officeholders, it seems, embrace measures that enhance re-election regardless of consequences. To curtail reckless mortgage activity by predatory lenders might have received adverse publicity back home. The desire for a reputation as a progressive leader led too many to goose-step to the tune of liberalism. As a result, greed for political power trumped what was best for Americans. Apparently, some members of Congress believe sound lending parameters must include those financially ineligible. What makes economic sense in Washington often proves to be irrational and reckless to Americans who go to work each day. The most costly toxic entry on our economic ledger may be the U.S. Congress.

If we are to seek transparency and accountability from one government branch or department, it seems reasonable we should be obligated to seek the same clarity from all concerned. Members of Congress are not to escape accountability for what they did or failed to do. We should be suspicious of finger pointing when that finger is pointing in one political direction. Too many members of Congressional banking and finance committees were mute while they idly allowed evisceration of sane financial regulations. Those same members now wear the stench of foreclosures, bankruptcies, collapsing markets, public suspicion and raging unemployment on their crisp white shirts and custom-tailored frocks. These people should be so ashamed of themselves that they would cower at any hint of seeking re-election.

Sen. Leahy should be encouraged to hold hearings to uncover wrongdoing in Washington. Investigate the Bush Administration but do not ignore the possible culpability of Congress. Congress needs to clean its own house and expose members who are incompetent, lazy, stupid or those who do not care about anything except keeping their job.

Americans deserve to know who is at fault for conditions we now suffer. Americans should demand accountability and the truth and not listen to those who bluster, pose and try to shift the blame for fraud to the unknowable realm. We, the people, should not allow Congress room for excuses. We must demand answers from our government. Elected and appointed employees, along with Wall Street schemers, need to understand the American people can always find money to build a new wing on federal prisons to house criminals who once wore white shirts.