May 19, 2011
Simply put, regulations are put in place to protect people from unscrupulous greed and to keep their investments safe, sensible and accountable. This has fallen apart and created a terrible collapse of our financial system. It no longer serves those who invest, only those who will take advantage of the loopholes and (legally?) cheat people out of their savings, homes and livelihood. To fix our system we must use responsible practices of investing. This requires increased regulating and more penalties for those who will not act responsibly. Greed is a human trait that will happen, will spread, and will hurt countless people until it is stopped. We must all take responsibility for stopping greed in ourselves as well as in others, and it is the government's duty to assist, especially when large corporations and systems are in place. Please be responsible! Not just your department overall, but each of you individually can make a difference in this catastrophic situation.
The US taxpayers who bailed out this broken system (without a majority of taxpayer consent) are entitled to be reimbursed with interest and damages, by the corporations who took the money from our coffers. This money was not a gift! There is apparently plenty to go around, and it needs to be placed back into the government funds!
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.
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,
Bonnie McNairn