May 28, 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 was laid off from Adult Ed due to budget cuts. That program helped a lot of people. What are they to do now? The risky investers toook the whole thing down and now they are sitting pretty with the help of trillions of taxpayers dollars. AND NOW THEY SUCK UP THEIR BONUSES GREEDILY. What's that?
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,
jeff harris
willits, CA