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Opinion - Letters to the Editor

Monday, Jan. 05, 2009

Why didn't Wall St. have to pay?

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I'm 61 and have seen a few economic cycles. When I bought Lucent and it tanked, no one bailed me out. We've had eight years with conservatives in the leadership role, supply-side economics and deregulation at the forefront. I'm baffled at our country's current condition. Our president, with guidance from trusted appointees and advisers, has created a money-handout window in Washington, rewarding bad business on Wall Street with taxpayer dollars and no conditions.

Now auto companies put their hand out and everyone wants CEO pay cuts, assemblyline worker pay and benefit cuts to reduce wages to the level of the competitors (Toyota, Nissan and Honda). Why didn't these conditions apply to Wall Street firms and AIG, Fannie Mae and Freddie Mac or banks that got my bailout money? Does anyone else see a double standard? UAW workers' wages combined don't equal the total of Wall Street bonuses. Will workers continue to go backward while CEOs, brokers, bankers, etc. get bonuses?

President Bush wanted my Social Security in the stock market. Glad it ain't.

DENNIS DEL CORNO

Sonora