LETTERS TO THE EDITOR - Financial boondoggles must end


The cause of the economic morass we are experiencing is complex and multi-faceted. The irresponsible misuse of credit, both public and private, is most likely at the top of the list.

Conversely, we are yet to see the prosecution of the perpetrators of the fraudulent lending practices that netted top executives mega bonuses.

This far-reaching home loan debacle is responsible for the loss of trillions of dollars thereby exacerbating the economic crisis we face. Complicit in this scam are, first of all, the segment of bankers and mortgage brokers who promoted "liar loans" to non-credit worthy borrowers, knowing full well they would default down the line but well after they received their 30 pieces of silver.

In order to complete this travesty, along comes Wall Street and its marketing of these toxic loans, by embedding them in Triple-A rated bonds and selling them to unsuspecting investors. It is often said, "Follow the money." In this case, follow the unmitigated greed and the tainted money, for which the entire world is paying the price for an unrepentant few.

These ongoing practices lend credence to the fact there really is a major decline in the standard of living for a segment of the American middle class, while a minuscule few individuals, devoid of ethical conscience, have been able to increase their wealth by 200 percent and even 300 percent in an unrealistically short period.

It's this type of travesty that gives rise to the controversial demonstrations such as the Occupy Wall Street movement, albeit with some limited justification against corruption.

The problem with this protest is that for the most part it has been infiltrated with trouble-making left-wing radicals who have a Woodstock mentality bent on civil disobedience, disturbance of commerce, anti-capitalism and the destruction of private property, while under the influence of alcohol and drugs.

America's only hope for a positive change demands a good house cleaning in the corrupt self-serving actions of Wall Street and financial institutions.

Then, we need to utilize the ballot box to unseat those elected officials in D.C. who are willing to turn a deaf ear on financial boondoggles while they continue to introduce costly, ill-conceived socialistic giveaway programs that exacerbate the national debt that is leading us further down the primrose path to economic chaos.

Daryl Schreiner

Walla Walla


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