May 23, 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. It is your duty to help ensure that this does NOT happen again.
Wall Street continues with their abominable profits, with little oversight, while the middle class suffers. We now owe more on our house that we can sell it for, like many others. Yet the bankers go merrily on their way..
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, or even until retirement.. 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.
Also, banks should not be 'too big to fail'. Any bank that owes the U.S. government (the taxpayers) money should be subject to even STRICTER regulation.
What do the Canadians do differently? They seem to have escaped the problems that we are encountering.
Please DO THE RIGHT THING.
Thank you for considering my comment,
Tim Ahrens