Web Letters | The Nation

Web Letter

Even if people have a "good" mortgage, they cannot pay that mortgage if they do not have a job. Minorities, who may have low-paying jobs. are most likely to feel the pinch of the depression sooner than the middle class. But layoffs have become a social equalizer, and everybody's job is threatened.

Since the American economy is supported by the wages of ordinary workers, variously estimated from 65 percent to 75 percent. Any layoff helps flush the economy down the toilet. In Philadelphia, a 2 percent raise in sales tax may keep your house from being totally destroyed by fire, or having a police officer available when you need their protection. Those jobs also help keep the economy afloat!

Pervis James Casey

Riverside, CA

Sep 29 2009 - 11:51am

Web Letter

The fault for these points is not one-sided. Philadelphia is a great example, where the City imposes higher taxes and more restrictions and heaps problems on the financial institutions. Then, when the better, more competent, banks expand through the surrounding suburbs but do not have branches within the city, they wonder why.

In many cases, the business climate of the urban center is the larger problem. Philadelphia just raised its sales tax to two whole percent above the entire surrounding area. ( and no-tax Delaware state is only about fifteen miles away.) The City did it to avoid tangling with the municipal unions through massive layoffs and other changes. My take is that the City will lose more jobs in more key areas, and would have been better off without the extra sales tax.

Philadelphia, for this example, might do better to treat the financial institutions properly, and get their benefits for the community.

John D. Froelich

Upper Darby, PA

Sep 25 2009 - 9:18pm

Web Letter

In 1933 Wall Street tried to overthrow the Roosevelt administration and the United States government. This is documented in The Plot to Seize the White House, by Jules Archer. In 2000 they bought the election and used the Supreme Court to put Bush in office. In 2008 we put Obama in the White House and his biggest financial support came from Wall Street. Interestly, Obama is opposed to financial reform of elections.

Steven Langston

Murray , KY

Sep 25 2009 - 3:46pm

Before commenting, please read our Community Guidelines.