Letter to editor regarding banking bailouts
To the editors:
On Wednesday, Feb. 11, we saw on the front page a number: $2.5 trillion dollars. Staggering -- the mind fails to compute such figures.
I have a simple idea for interpreting such figures: "It's real money." Yes, that's a $2.5 trillion mortgage on the backs of our children's children -- a bet that they'll happily pay stiff taxes in the coming decades. And while the Greatest Generation earned entitlements like the GI Bill with service, what do we have to show for this wealth transfer from the future to the present? We have people who bought more than they could pay for, and bankers who took on more risk than they could handle.
It's real money. Hear about those Wall Street executives with the multimillion-dollar bonuses after losing their investors billions? They're getting paid on the backs of people with 30% APRs on credit lines built up so they could get health care.
The average CEO is making more than 400 times as much as his or her workers. Sounds like 1929. Since we keep hearing that this is the worst recession since the Great Depression, it's time for some FDR-style measures. Tax the rich, so the unemployed can live with dignity. Nationalize the banks if they refuse to lend the bailout money. And those bankers complaining about a $500,000 salary cap? It's time they learned what the rest of us already know: it's real money.
Adam M. Schenck
7117 Garfield Avenue South
Richfield, MN 55423
No profanes - sacred