James Barrett: “I have a lot of faith in the American people. I believe that, given the proper tools, they can best decide how to spend…”

“I have a lot of faith in the American people. I believe that, given the proper tools, they can best decide how to spend their money. I also believe they can best determine how to borrow money, just as lenders can best determine who should be lent money. In other words, I trust free choice in the free market. Businesses should be able to take risks just as consumers should be able to. With these risks, come consequences. However, I understand we have a major problem on our hands, a problem that has spread far beyond the housing market to the heart of the American economy. Some homeowners are struggling to make mortgages they can't afford and financial institutions are stuck holding mortgages that probably will not be repaid. But to say all subprime mortgages are bad is an incorrect conclusion. Unfortunately, this legislation... will not help those who today are in danger of losing their homes, and it will certainly not help the availability of credit for those purchasing homes in the future.”