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Letters to the Editor

Get it right

October 2, 2008

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To the editor:

Wednesday's column by Mike Hoeflich was correct. He asked us to pause and consider the consequences of a bailout. He asked us to understand financial instruments cooked up to look like something other than what they were.

In a letter to constituents, Nancy Boyda stated, "In the days leading up to the vote, we received over 2,000 letters, e-mails, calls and faxes from people in the Second District. Only about 100 of these contacts were form letters. The rest were thoughtful, personal letters that people took the time to write themselves. They were overwhelmingly against the bailout. Many were very angry. About 40 were in favor of a rescue package."

In another letter, Boyda said, "Four hundred economists, including three Nobel laureates, suggested we slow down and get this right. It was widely agreed there are other and better alternatives for dealing with this situation."

Mike, we do not need to be financial wizards to know when we are being hoodwinked.

Thomas Frank said in his recent Dole Institute speech that one of those financial geniuses made $3.4 BILLION in one year on these instruments. Is this guy one of the experts now claiming that the sky is falling so he can sell these worthless instruments back to the treasury and bill us taxpayers for the transactions?

Stu Nowlin,
Lawrence

Comments

kansas778 5 years, 6 months ago

An excellent LTE. Well done Mr. Nowlin.

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The_Original_Bob 5 years, 6 months ago

This thing is inevitable. We've got an election in a month. Remember who voted for it.

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Trobs 5 years, 6 months ago

Email all of the house reps. Let them know this is a terrible idea. Wall Street was bailed out before in 1929 - I hope I don't need to explain how that went.

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Richard Heckler 5 years, 6 months ago

Sometimes on Wall Street stockholders lose. This mess was running along like a boom town economy. Following boom town action comes very slow times which is not new. In fact there is tons of history to substantiate this fact. Now it may be time for the winners to absorb some of the loss or they can cash in and hit road looking for other winners.It's what's best for the nation. Which in my eye is bailing out homeowners thus taxpayers. Bailing out homeowners will get things moving along once again which is all the economy is waiting for. New USA industry and lots of new good paying jobs is what the nation needs otherwise we are pissing in the wind. Bailing out Wall Street won't bring new industry and jobs as the last 30 years has proven. Out sourcing USA means of constantly creating new wealth in the name of cheap crappy products at Wal-Mart is coming back to bite us in the butt.I say to House members don't rush through this because haste makes waste. Throwing homeowners out on the street does not generate new wealth for the nation. Reorganizing their loans would be smart thinking. Then bring on new industry and jobs.

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