Web Letters | The Nation

Web Letter

What do you mean we don't know what happened? Pure unmitigated greed by the Wall Street banksters. And the American people rewarded them for their efforts. It's now happening again.

The only people making money are the Wall Street banksters. These types of profits actually exacerbate the depression by withholding investments in the real economy and encouraging more speculation in the market. It's actually exponential greed.

Lack of meaningful regulation, thanks to Clinton and "W." The same people who started this latest depression, under Clinton, are the same people working for Obama now. So what kind of meaningful banking regulations do you think we'll be getting from the Obama administration?

Obama's just dancing to the tune of the men behind the curtain. There's going to be another Wall Street bust, and that will take the remainder of the middle class's investments.

The only genuine reform is to get rid of the Federal Reserve and have Congress issue and regulate the supply of interest-free money, as stated in our Constitution.

Charles Lingenfelser

Brandon, MS

Nov 18 2009 - 1:40pm

Web Letter

Both of the major political parties are responsible for this mess. It all began with NAFTA and the outsourcing of industries, along with the jobs they supported. Seventy percent of the disposable income that supported the American market comes from the income of ordinary people. No job and no market.

Without that disposable income from good-paying jobs, credit replaced savings as a source of income for banks and retail sales. Reasonable interest on savings was replaced by investment schemes with AIG-type annuities and other Wall Street schemes. However, with no jobs and no income you can't even pay for a good mortgage, or buy a car or some other high-end item.

Without the well-paying jobs that provided a middle-class lifestyle for the average person, there is no American market! You don't need a commission! You just need to pay attention!

Pervis James Casey

Riverside, CA

Nov 17 2009 - 5:24pm

Web Letter

I agree with the need for an inquiry as to the cause of the financial crisis. I wonder what will be said about all the greedy people who borrowed money to buy and refinance houses they couldn't afford and ran up credit card debt at a record pace. Were people being forced to take out risky mortgages?

Will progressives conveniently forget that predatory lenders were not the only ones pushing risky mortgages? What about all the fair-housing advocates such as ACORN, Fair Housing Advocates Association, Fair Housing Alliance, Board of Realtors, Consumer Credit Counseling, Civil Rights Commission, City Wide Development, Office of Fair Housing and Equal Opportunity Development, Congressional Black Caucus, etc.? Much of their advice might have been well-intentioned, but some of it was most likely self-serving and risky.

Also, will members of Congress like Barney Frank, Chris Dodd, Chuck Schumer, Maxine Waters, etc. be mentioned, or will progressives make sure they get a pass as usual?

Joe Brafford

Beavercreek, OH

Nov 16 2009 - 11:42pm

Before commenting, please read our Community Guidelines.