J. Arsenault: Enough is enough

I read the letter from Diana Lovejoy, "Time for a revolution" (March 6). I have been saying the very same thing in conversations.

I am an independent, like many people, and can think objectively. Lovejoy hit it on the nose.

Many Americans are fed up with the rich getting richer, while the low and middle classes and the poor keep getting poorer.

Why is it that in this day and times, the officials at the stock markets, big banks and investment banks are making great gains every day while the average American struggles?

Congress is so partisan and won't come to any measurable terms. Power, greed and dictatorship are what it is all about since Barack Obama was first elected. Americans are completely out of the picture.

More and more billionaires and millionaires are being created. How is it that in the richest country in the world, so many people are struggling to live?

A revolution could come about if members of Congress don't get their act together in the future.

Jean R. Arsenault, Mexico

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Comments

 's picture

Officials?

Why is it that in this day and times, the officials at the stock markets, big banks and investment banks are making great gains every day while the average American struggles?

Not too long ago, several investment houses were, or were trying to, go belly up. Some who should have died are still here due to federal bailouts. That is, Obama took tax money from me and you (well, I know I pay taxes, I don't know about you) and redistributed it to those firms because they were too big to fail, dontcha know.

For all you know, your retirement was saved from destruction because some folks kept their jobs and continue to make a lot of money, thanks to a liberal president.

Beyond that, who are these nefarious officials? I have to assume you mean individual investors who daily risk their fortunes by freely choosing where to invest money they have already earned and paid taxes on. I would much rather have them managing my future than politicians who can't look ahead farther than 2 or 4 years, tops.

Some, who think they know what is best for the good of the country, would hand over our financial future, like they have our health care, to the federal government. If they succeed, our retirements, like our health care, will become much more expensive and much less available.

Actually, that first round of

Actually, that first round of bailouts, the one that created TARP, came in 2008, before Obama was elected (or in the lame duck period between election and inauguration). It was a Bush/Bernanke/Paulson bailout, not an Obama/Bernanke/Geithner bailout. Maybe the confusion is that Bernanke was Fed chair for both Bush and Obama.

And a large portion of that money that was "taken" from us has been paid back. By the time all is done, we will get nearly all of it back, with interest. TARP was a loan, not a grant.

Not that I'm defending the banks. I'm okay with bailing them out, but only if Congress had attached the right strings to force them to be more responsible with other people's money, and maybe even reinstate the Glass-Steagall Act and force the banks to separate from the investments houses. Instead, they have quietly returned to business as usual, and are still bundling and selling the same types of derivatives that caused the crash in the first place. They have learned nothing except that big brother government will keep them from getting in real trouble if they make bad investments. Papa will buy them a new car to replace the one they wrapped around a tree.

Jason Theriault's picture

My bottom line is red white and blue, not green

Why is it that in this day and times, the officials at the stock markets, big banks and investment banks are making great gains every day while the average American struggles?

Because they put their personal wealth ahead of the good of the country.

PAUL ST JEAN's picture

It's called capitalism. When

It's called capitalism. When did it become unpatriotic to make money?

 's picture

To change into what?

* America is capitalist and greedy — yet half of the population is subsidized.
* Half of the population is subsidized — yet they think they are victims.
* They think they are victims — yet their representatives run the government.
* Their representatives run the government — yet the poor keep getting poorer.
* The poor keep getting poorer — yet they have things that people in other countries only dream about.
* They have things that people in other countries only dream about — yet they want America to be more like those other countries.

That's not mine. It's a well known parody of an old USSR joke. My point is, you better have a result in mind, or you'll just get institutionalized revolution, as in Cuba - or a monarchy of inbred droolers, as in North Korea.

PAUL ST JEAN's picture

Great post, Mike.

Great post, Mike.

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