May 20, 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.
My father continues to have trouble finding work and my brother, a Brown graduate, works at a call center and lives at home because of the damaged economy.
The system in which Wall Street operates continues to incentivize disturbingly sociopathic behavior. Now is the time when the heavy hand of government to correct these abuses is *called for* by economic necessity and a moral urgency!
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,
Kiel Pratt