Letters to the Editor

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DEBT: Accountability needed for FDIC insured

Letter by Terry Johnson, Tacoma on May 18, 2012 at 12:22 pm | 9 Comments »
May 18, 2012 2:42 pm

Re: “Fix government spending, not JP Morgan” (letter, 5-17).

The writer complains about the “big-government types” like President Obama wasting millions of dollars on “nitwit” ideas that have made our country into a nation of “loafers” waiting for their next paycheck.

Let’s examine some of the facts. While JP Morgan is a public company, it is also backed by the government’s FDIC program that covers their hedges (code for gambling) with institutions’ and individuals’ monies. So when it comes looking for a bailout, naturally the need for accountability is obvious.

Even the Swiss government had to bail out one of its largest banks, UBS, back in 2008 because of the bank’s risk-taking. Maybe governments should let these behemoths fail and just lend to the loafers who pay taxes and don’t cost the government “billions” of dollars.

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