facebook twitter

Letter to the editor

Posted on Mar 01, 2010 in Opinion

Share|

Have you been angry lately? Real unemployment is 17%, not to mention roughly the same amount of part-time workers, all brought about by self-interested bankers who have been acting like gambling casinos with our money. And the house always wins, especially if it is too big-to fail.

The CEO of Goldman-Sachs made $40 million this year, money taken from you and me. Goldman-Sachs instantly became a bank _when they knew there would be bailout money. We don’t know where the bailout money went. Bonuses increased last year by 40%. Less than 10% of eligible homeowners even got a response to their requests for re-financing from the banks. Congress received $325 million in lobbying money last year from financial institutions.

Proposed laws for the regulation of derivatives and credit default swaps: shot down, with members of the Obama administration helping to man the guns. “Tea Party” group members proclaim that government has no authority to limit pay for bank executives. They believe in “freedom,” even if those who control our money help themselves to as much as they want. They and big corporations use the internet to plant shouters at public meetings.

For health care reform efforts – single payer program, defeated; public option, defeated; Medicare buy-in, defeated – all squelched by insurance company lobbyists who paid Congress $375 million last year. The companies strive to constantly increase profits for shareholders, all made off sick people. CEO’s get $10 to $20 million each. I stood for my country in the Marine Corps and taught children thereafter. I am worth as much, probably more than some mumbling, grinning, smooth-talking monstrosity, dribbling rhetoric and taking our money for himself and his cohorts.
Have you had enough of this? People are rightfully beginning to take to the streets in many cities, marching non-violent¬ly, as they did in Chicago during the recent bankers’ convention, to begin to take these self-interested people to task. We must do the same at the offices of Congressmen. They are the only ones with the final power to make the needed changes.

We have something more powerful than big money: our collective vote. You cannot get money if you are not in office. Most Congres¬smen will not make the needed changes unless we force them to. Right now corporations buy the majority of them. Are we the Corporation States of America? Visit your Congressman with a group of your friends, with signs. Moreover, the group may grow. Demand the changes described below or you will not vote for him or her.
Specifically, what are the needed basic changes? Banks and big corpor¬ations hate simple laws that prevent loopholes, namely: break up big banks so they are not too big to fail. Make it illegal for banks to deal in securities (using our money).

For mortgages, banks must always offer the 30-year conventional mortgage as an option. No CEO of a publicly owned corporation may make more than $800 thousand per year in cash and stocks. Records of all transactions using public money must be available to the public. The public option must be made available for health insurance (If people choose it because it is better, insurance companies will make theirs better!). When there are easy mechanisms for fraud, we need regulation by government.

This does not violate freedom; it makes it liberty and justice for all, not just fat cats. Also, check out two excellent organizations already performing some needed actions, National People’s Action, George Goehl, President, showdownonamerica.org and Americans for Financial Reform, Heather Booth, President, ourfinancialsecurity.org. Your anger is just. Do not hold it in. Put it to constructive use*’

Steve Hoffman