May 20, 2011
I’m writing because my family and I were affected by the economic collapse of 2008, and we don’t want it to happen again.
I'm shocked and appalled that our government continues to allow these crooks to operate "business as usual." They are a menace to society and threaten economic stability and threaten capitalism with their greed. I have lost all confidence in the markets and in my ELECTED officials.
My brother-in-law lost his business as a building contractor. He and my sister lost their home and at 42 years old my brother-in-law joined the ARMY just so he could support his family. As a result, my 19 year old niece was left in one state to go college on a scholarship, but struggled daily with perceived loss of family. My nephew, only 10 years old, has been moved from school to school as the family must travel where the military sends them. Now I understand this was the choice they made, but being ethical and stoic people they did not rely on the government for support without giving back. Unlike the wall street "professionals" have who continue to line their pockets and bask in the sunlight of uber plush spas and resorts. All this while my BIL risks his life to fight for this country, and those A-holes freedoms.
Due to the housing crisis, my friend who was an ethical lender, developed cancer and to support his family had to work three jobs. While battling his disease, he went from job to job sleeping in his car on the street for an hour or two before the next work hour began. All this while wall street basks in the sun....
I myself worked for a bank and lost my job. As a result, I had to go back to school at 37. As a direct result of the failure of our government to protect its citizens, my family too was split apart. A single mom, I had to send my child to live with my parents in a different state while I also begged and borrowed, from friends, not the government. Why is it that as a product citizen of this country with morals and ethics I couldn't get a bailout? Why do I pay more in federal taxes than GE? I am now a nurse and HELP people. What if I decided to act like one of these crooks? That's a dangerous thought. But yet I have to live with this anger and fear??? WHY? There are countless stories I could tell of people I personally know who have been robbed of their savings and jobs, but I think you get my point.
Wall Street greed and outrageous pay practices were a major cause of the collapse. One way to change the incentives so they don’t collapse our economy again would be to delay the bonuses for three, five or more years. That way, we’ll know if the loans they made in year one remain good. In the bad days, bankers paid themselves on the volume of loans (mortgages) they generated, not on their quality.
Thank you for considering my comment,
Lynn A.