Reader letters Feb. 14
America’s leadership mistakes
To the editor:
A pox on the six-headed reptilian monster that controls the fate of 60 percent of working America. We are endangered by
1) socialistic president and his staff with only 18 percent touting job-creating experience outside government.
2) Federal Reserve mirrors the 200 percent stock market rise in 1930s, but this time by printing 4 trillion funny-money dollars and keeping interest rates near zero. Company stock buybacks (0.6 trillion in 2013) boost stocks, but don’t hire more employees. Stock market gains help only the wealthy. It hasn’t worked in 1935 or 2013.
3) Treasury didn’t have guts enough to separate Big Bank commercial business loan divisions from their 500 trillion dollar “high risk 35:1 derivative portfolio divisions.” They added the banks’ collapsed debt to the taxpayers of the next 40 years.
4) Congress Republicans won’t lay out a workable plan that loses votes; and Frank and Dodd Democrats lack any free-market experience.
5) Big Banks still today hoard trillions of our “bailout debt dollars” as collateral covering their investments in 250 trillion of derivative paper — 20:1 ratios of loan to reserves — not new factories to help employ our working class.
6) Big corporations hoard 3 trillion in overseas accounts, planned for investment in growing overseas markets — not America’s stagnant market. A reduction in corporate tax rate to 10 percent would, cost-wise, motivate them to bring overseas jobs back stateside. “Courts” gave corporations freedom to move their money worldwide.
Do you think six Senate seats in 2014/2016 elections can turn this catastrophe around? Washington is structurally dysfunctional! Thomas Jefferson said democracy would eventually run amok, but be save by a Constitutional Convention’s restructuring of government agencies and Congress. Hopelessly, we voters are split 50/50 down a socialist-individualist chasm!
Business enterprise zones for inner cities were proposed 340 years ago — nonexistent today.We folks don’t live within our individual means; we complain until government creates more safety nets. Congress balanced only five budgets in 50 years! Public ethics codes have disappeared. Our Ship-of-State is rudderless.