February 10, 2012
I’m writing in support of a strong Volcker Rule. This is one of the simplest and most effective ways we can put an end to the bitterly undemocratic phenomenon of allowing traders to make risky gambles in the knowledge that all profits will be theirs while big losses will be covered by the government and people of the USA.
Banks that break the rule should face swift, automatic penalties for violations.
The law should be written so that it does not leave room for exemptions and other loopholes.
Americans believe in opportunity, free markets, and fair playing fields. That alone is powerful reason to close up the sweetheart deal that wonton deregulation gave to bankers. But in addition we have seen the disaster caused by unfettered risk. We cannot afford another financial collapse. We need this safeguard.
David Georgi
David Georgi
New York, NY