Monday, October 20, 2008

Leadership Crisis in America: Texas Contributes to Housing Debacle

The Sunday, October 19, 2008 New York Times describes how Henry Cisneros of San Antonio contributed to the housing debacle and the sub-prime mortgage disaster. In "Building Flawed American Dreams" by David Streitfeld and Gretchen Morgenson, we can read how Henry G. Cisneros, as Secretary of HUD (Housing and Urban Development) under Clinton pushed sub-prime mortgages. Then he left the government and got on the Board of Directors of KB Home and Countrywide Mortgages, both involved in sub-prime housing.

He made millions on the board of Countrywide. Then he became a developer and sold homes to people who could not afford them.

This is exactly the kind of disastrous leadership Texas needs to eradicate. America is now in a financial crisis because we have been in a leadership crisis for many years. Yes, some Texans have contributed to our economic meltdown. Cisneros is not the only one. Phil Gramm wrecked American banking.

Yet, Texas can take the lead in restoring capable leadership in America. That is the point of the Texas Ascendancy Project: setting a new standard for leadership with integrity.

Robert Canright

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