Quantcast

Web Letters | The Nation

Web Letter

This article touches all the right buttons: industry greed, regulatory failure, Congressional failure, governance failure, and an ignorant and compromised media. In sum, the fox was in charge of the chickens and everyone was happy about it. Where is the outrage? Where is the wisdom? Where is the political leadership to correct things, not in a "bipartisan" way but in a "non-partisan" way?

What is needed on this and on many other issues, is to remove the assessment of what went wrong and the prescriptions for reforming the system from the political process and place it in the hands of a non-partisan commission of respected academics and other experts having no conflicts of interest, and no political or ideological axes to grind. It is a job for technocrats, not politicians.

Bipartisan lowest common denominator compromises are definitely not what is needed here. This is a clear case where the politicians, the financial industry, and the American public have to be plainly told what is required to fix the system. Let the politicians then try to explain to the American public why they wont agree to what is evidently required. Let them try to explain away their campaign contributions from the financial industry and their consorting with the vested interests' lobbyists. Perhaps the media would then come to do its job to keep the public informed and to expose ignorant and compromised politicians.

The entire financial and governance system is totally corrupted by money and the power of corporate vested interests.

Eric Yendall

Ottawa, Ontario, Canada

Jan 17 2010 - 5:00am

Web Letter

I didn't know Mrs. Schapiro, but like Mrs. Bair and Warren, she is impressive. I watched the hearing, C-SPAN and I still can't believe that what they were talking about was legal trading. During my college degree days that kind of trading would get you a long jail sentence, not a comment, "creating wealth." And when they said "it's complicated," you didn't take a risk and pick up the soap.

These guys have traded away any sweat equity left to us in the previous generations.

james l. pinette

Caribou, ME

Jan 15 2010 - 4:29pm

Web Letter

"Turn up the heat," bullshit. It's still the hired help pacifying the gullible voters by pretending to chastise their owners. How far can that go? How can anyone, who doesn't still believe in Santa Claus, expect genuine financial regulation from corrupt legislators and willfully blind regulators?

You state the problem was with the Federal Reserve. They didn't reign in the greed. I've got a news flash for you: the job of the Federal Reserve is to promote greed. Greed is good, and fraud is even better. It's not a regulatory entity. Its job is to make money for its international bankster owners. In fact, it's totally independent, and above, the government.

Therefore, the Federal Reserve runs this country, and its government lackeys. The Federal Reserve has been running this country since its deceitful inception, in 1914. The interest owed to the Federal Reserve, due to our federal government borrowing money every time it needs it, constitutes our national debt, which is the reason Congress dubiously ratified the Sixteenth Amendment; the power of Congress to levy a personal income tax.

So, take the rose-colored glasses off, and start treating the Federal Reserve as the vile criminal organization it is.

Charles Lingenfelser

Brandon, MS

Jan 15 2010 - 4:19pm