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June 17, 2011     Post-Gazette
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June 17, 2011

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~L , ~-~ : ~ . ~;~ ~ r~!i):!~;~; ~. :" ~! !, ,: M ITALIAN-AMERICAN VOICE OF MASSACHUSETTS m (Formerly LA GAZZETTA del MASSACHUSETTS) VOL. 115 - NO. 24 BOSTON, MASSACHUSETTS, JUNE 17, 2011 $.30 A COPY ANNUAL BUNKER HILL DAY PARADE Scenes from Charlestown's Bunker Hill Day Parade. ! h (Photos by Rosario Scabin, Ross Photography) !i!i!i!i!i!i!i!i!iil 20 Percent Down Unfair to Buyers, Kerry Says U.S. Senator John F. Kerry has urged finan- cial and housing leaders to reconsider a proposal requiring some homeowners to make down pay- ments of at least 20 percent to obtain low inter- est mortgages. Kerry feels the latest plan offered by federal regulators would prevent borrowers from buying homes and further depressing the housing market. Said Kerry, "None of us want to see reform create an onerous unintended con- .................... sequence; keeping middle class families trapped in a cycle of paying rent when, in fact, they could well be paying mortgages." The prospect of larger down payments is related to the lending rules as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. That law was created to limit risks by lenders and to prevent irresponsible loans that led to the housing crisis. Kerry reportedly opposes a 20 per- cent down payment benchmark. With housing prices so high in Massachusetts, Kerry thinks it is unreasonable to expect buyers to afford a 20 iiii!ii~iii!~ii percent down payment toward the home's pur- chase price. Said Kerry, "We can and should en- courage sound lending without harming respon- sible buyers." Kathleen Day speaking for the Center for Re- sponsible Lending says her North Carolina-based group believes regulators should define safer loans as those that verify a buyer's income and ability to pay and added, "What sparked the cur- (Continued on Page 10) ii~i~iiiiiiiiiii Private Sector Must Lead Recovery, and Government Must Get Out of the Way by Herman Cain A senior Obama Adminis- tration official said recently that the private sector will have to lead this economic recovery. He's rightl But the private sector cannot do it unless government gets out of the way. The Obama Ad- ministration's policies have increased the size of the fed- eral government, increased regulatory barriers and dra- matically increased the na- tional debt. Most Americans sitting around the kitchen table knew that we could not spend and regulate our way to pros- perity. But the president and the Democrat-controlled Con- gress at the time did it any- way. And now, after nearly $1 trillion in government spending, the economy is still stalled. Namely, 1.8 per- cent growth in Gross Domes- tic Product in the first quar- ter of 2011 is anemic, and a 9.1 percent unemployment rate continues to be disap- pointing to the nearly 15 million people who are still unemployed. Our national GDP could easily be growing at 5 per- cent or more, with the top tax rates for businesses and individuals set at 25 percent and made permanent until we replace the entire tax code mess. And taking the capital gains tax rate to zero is just the fuel that the small business part of our economic engine needs. It sure would be nice to hear an unemployment rate report of under 5 percent again, which would mean at least 7.5 million people could be back to work again. It would be more than just mu- sic to their ears. They might even have some real hope again. "Hope and change" became spend and regulate in the Obama Administration. And now, the president and the Democrats want us to "watch and hope". Simply extending the tax rates for two years with a 2 percent one-year payroll tax holiday for employees is not going to tickle this economy back to prosperity. With all due respect, Mr. President, there is no hope that this economy will turn itself around. It will remain stalled because there are no meaningful tax cuts, there is no regulatory relief and there is still the uncer- tainty about what tax rates will be in 2013. The rollout of ObamaCare is adding to the uncertainty. Thousands of companies and several states have asked for waivers from trying to comply with ObamaCare, due to its adverse effect on their current health care costs. At the same time, many of the bureaucratic rules are still being written. There's a better way to ,increase access to health care and reduce costs, us- ing patient-centered and market-driven principles. Obama-Care is the exact op- posite. It must be repealed and replaced~ but that will not happen with this admin- istration. When the National Labor Relations Board tried to in- timidate Boeing Corporation into not expanding a produc- tion facility in South Caro- (Continued on Page 12) THE POST-GAZETTE SATELLITE OFFICE IS NOW OPEN AT 35 BENNINGTON STREET, EAST BOSTON This office is open on Tuesdays from 10:00 AM to 3.'00 PM and Thursdays from 11.'00 AM to 2.'00 PM, for the convenience of our East Boston and North Shore clients and contributors Call 617-227-8929 for more information