Letters to the Editor

Your views in 200 words or less



BANKS: Lenders making out like bandits

Re: “Profits soar at 2 largest mortgage lenders” (TNT, 10-13).

This article was tempered with information about the big banks’ tax write-offs, considering their predatory behavior led to the collapse of the housing market.

The bankers knew the risk involved with ARM loans, questionable second mortgages and easily available equity credit. To protect themselves, the banks bundled the loans and sold them to unsuspecting investors, making a profit on top of the home loans.

When the economy collapsed, the banks claimed they were on the brink of insolvency and turned to the federal government for help. The taxpayers were

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SOCIALISM: Please consult the dictionary

Re: “ECONOMY: Socialism has failed state, nation” (letter, 12-3).

The disjointed and illogical attempt to attribute the Great Recession to some failed American experiment with “socialism” was a real head-scratcher.

In contemporary discourse it seems that a person’s propensity for the word “socialism” is inversely proportional to his actual understanding of the term. Ground zero for the Great Recession was Wall Street – the center of the capitalist universe. I don’t know how much further one can get from socialism than the unregulated free-for-all feeding frenzy that was Wall Street in 2008, where brokerage houses were allowed to do as

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BAILOUTS: Price will still be plenty high

Re: “Price of bailout not as high as projected” (TNT, 10-6).

The headline is extremely misleading. The article dealt only with the “Troubled Assets Relief Program” (TARP), a $700 billion authorization by Congress, and not with the overall bailout program, which runs to trillions of dollars.

Before TARP was passed by Congress in October 2008, the bailout program already amounted to around three-quarters of a trillion dollars. TARP will not cost taxpayers as much as originally anticipated because, contrary to the name of the program, most disbursements were in the forms of loans and investments, rather than the purchase of

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