May 27, 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.
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 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.
There may be talk about the nations recovery in the corporate controlled media (read propaganda) outlets, but in my life, as well as my former colleagues, personal friends, and family members, it IS NOT happening. I, personally, was laid off in December of 2010 from a position I had with the state of Florida for nearly twenty years. I was less than one year from being able to retire IF I retired at the minimum age possible, which WAS NOT my plan. Now it appears, circumstances will force me to retire at 62, and I am fearful of losing my home.
Thank you for considering my comment,
John R. Hermsdorfer
Only a Concerned Citizen
John Hermsdorfer
Gainesville, FL