Letters to the Editor

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PROTESTS: Wall Street brought down the economy

Letter by Richard A. Horn, University Place on Nov. 7, 2011 at 1:56 pm | 6 Comments »
November 8, 2011 10:10 am

Re: “What’s the real motive?” (letter, 11-5).

I agree with the writer that there probably aren’t successful entrepreneurs among the Occupy protesters. I am not a successful entrepreneur but have been a successful employee for 40 years. I am now retired and living on my 401(k) and Social Security.

I am a protester because the banking industry went out of control and lost 40 percent of my 401(k).

Some people want to blame Barney Franks for pushing subprime loans. Franks did not tell Washington Mutual executives to lend money to any borrower who came in the door without checking their ability to repay. He did not tell them to sell these bad mortgages to financial institutions that packaged them into collateralized debt obligations (CDOs) and created the housing bubble.

Standard and Poors provided AAA quality for these bad CDOs for the Wall Street financial institutions to peddle to unsuspecting investors around the world.

These Wall Street “entrepreneurs” were dishonest, if not criminal. They brought down the world economy. Anyone who lost a job or a home is a legitimate protester.

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