May 19, 2011
I AND MOST OF MY FRIENDS WERE AND ARE CONTINUING TO BE HURT ECONOMICALLY BY THE ECONOMIC COLLAPSE OF 2008. I HAD TO DECLARE BANKRUPTCY BECAUSE MY INCOME WENT DOWN. I COULD NOT GET MORE CREDIT TO EXPAND MY BUSINESS TO GENERATE MORE REVENUE. I TRIED TO FIND A JOB, BUT ALL THE PEOPLE IN MY FIELD HAVE BEEN LAID OFF AND ARE COMPETING IN SMALL BUSINESSES AGAINST EACH OTHER. I HAVE BEEN CHALLENGED TO LIVE ON WHAT MY NEW BUSINESS CAN CREATE. ALL MY EXPENSES HAVE RISEN, BUT MY INCOME HAS GONE DOWN.
YET PEOPLE IN THE FINANCIAL INDUSTRY CONTINUE TO ACT ARBITRARILY AND WITHOUT RECOURSE (A friend has 2 identical properties in NV. Bankers would not even return calls to refinance for years rental property 2 years, and when they finally did, they foreclosed on one property and refinanced the second without any reasons provided.)
PLEASE REVISE THE LAWS, REGULATIONS AND PRACTICES/POLICIES THAT ALLOW THE ECONOMIC ELITE TO ESCAPE CULPABILITY FOR THEIR ACTIONS AS WELL AS MAKE SHORT SIGHTED DECISIONS FOR PROFITS ONLY. BANKERS AND STOCK BROKERS HAVE BEEN USING CORPORATE MONEY TO SUBVERT ATTEMPTS TO REIGN THEM IN AND CHANGE THE SYSTEM THAT ALLOWED AND PRECIPITATED THE CRASH
WALL STREET CANNOT CONTINUE TO BENEFIT WHILE MAIN STREET SUFFERS.
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,
Margie Mulligan