The so-called "housing bubble" evolved from Fannie Mae (1938), Freddie Mac (1970) and Community Reinvestment Act (1977, 1995). These legislative initiatives were enacted to enhance home ownership for low- and middle-income residents.

Although well-intentioned, government intervention into the financial markets relaxed lending standards and put families into houses they couldn't afford. Results: growth of toxic mortgages, increased foreclosures, less capital for access by worthy credit seekers (individuals, businesses and banks) and the current global financial crisis.

Barack Obama, likely our next president, is an avowed advocate for bigger government, higher taxes and wealth redistribution. With a filibuster-proof Congress, he could extend federal control over other private and semi-private entities -- health care, energy, environment, pharmaceutical, airline, railway and automotive.

Creeping socialism has progressed gradually since the 1930s. Unless shackles are placed on ever-growing government, socialism will soon supplant capitalism as our economic system, decimate free markets and undermine the democratic republic envisioned by our founding fathers.

John Boyer,

Camp Hill