May 19, 2011
I’m writing because I am very upset that the Federal government bailed out the banks, brokerages and hedge funds that caused the economic collapse that wiped out the equity in our home that my wife and I were counting on for our retirement and the millions of jobs throughout the country but only delivered weak and mostly ineffectual assistance to people like us.
Now that much of the bailout to the banks has been repaid and executives are again enjoying billions in bonuses, why not use the same funds to bail out "main street"?
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,
Thomas Turner