Letters to the Editor

Greed, folly

September 24, 2008


To the editor:

I am proud to be liberal on most issues but agree with some conservatives that the market should be allowed to operate, in most cases, under proper regulations to protect the public. The present administration has failed to enforce those regulations for seven and a half years. The investment banks have taken full advantage of this lack of oversight and have taken in many billions from their risky trades. Now that they have soiled their own nests, they want the government to open the treasury to save them from their greed and folly.

Mr. Bush even has the temerity to lecture the Democrats in Congress not to "load up" any rescue bill with any benefits for ordinary taxpayers. I hope that Congress will not be stampeded by the same incompetents who caused this mess in the first place.

Gordon Penny,


S0uPnAzi 9 years, 9 months ago

I respectfully have to disagree with Mr. Penny. In 2005, before a joint session of Congress, Alan Greenspan gave testimony that the safeguards in place to regulate Fannie Mae and Freddie Mac were outdated, and needed additional oversight as to regulate the blossoming mortgage loan market. His testimony was convincing enough that legislation was drafted to provide regulatory oversight that would have prevented what we are now seeing in the financial markets.The republican party then attempted to pass legislation based on these recommendations, only to have the bill killed in committee by Democrats, indicating the type of petty, partisan politics that have come to dominate in both houses of our Congress.Had the democrats been reaching across the aisle, this situation would not have arisen. To sit and point fingers at the present administration for the failings of the Democrat party is just ludicrous. Please do research this independently, go up to the House and Senate websites, don't just take my word for this. You owe it to yourself and everyone else to be well informed on matters, such as these, before we go out forming a lynch mob.

Frank Hays 9 years, 9 months ago

What about the repeal of the Glass-Steagall Act ramrodded by Phil Gramm (now with Swiss banking giant UBS). Isn't this the guy on McCain's campaign staff who called Americans, "Whiners"? Funny, he sponsored the legislation in the 90's that deregulated our banking system which allowed these mega-banks to dabble in speculative investments and prey on the fringes of our society. Today, this scalawag is filling his pockets with cash from one of those mega-banks. Go figure, right? Do your research:http://www.news-leader.com/apps/pbcs.dll/article?AID=/20080926/OPINIONS02/809260309/1006/OPINIONSThe real bottom line is that Republicans and Democrats alike have been stealing from us for years and that is why we need more political parties to choose from versus the two flavors we have now. Both stink to high heaven and they are involved in this scandal/swindle together. As long as these two political parties can divide our nation into two camps they can continue their crime on us disguised as "helping us". Absolute power corrrupts absolutely - that is the bottom line.

Commenting has been disabled for this item.