Opinion
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Wall Street fat cats
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Published: October 26, 2009
As the American public reels with job layoffs, bankruptcies, home foreclosures, skyrocketing health costs, decimated retirement plans, and a stagnant economy, Wall Street miscreants J.P. Morgan and Goldman Sachs are reaping billions in profits from sweetheart loans funded by taxpayers.
Goldman Sachs got $10 billion and J.P. Morgan got $25 billion in bailout money. When stocks were at historic lows, they invested this free taxpayer money and made a killing as the Dow Jones Industrial Average rose from 6,500 to 10,000.
While real enterprise in America struggles to get loans and keep afloat, and families struggle with job losses, mortgage payments, credit-card debt, and health-care worries, the Wall Street tycoons get fat again.
These two companies' earnings are so huge this year that they have set aside $16.7 billion (Goldman Sachs) and $8.79 billion (J.P. Morgan) for employee compensation. This amounts to each employee getting an annual paycheck of $527,192 or $353,834, respectively.
Now these companies are lobbying against regulatory reform of the financial industry; reform that might give stockholders and investors some of the profits, limit executive compensation, or impose new taxes.
The Obama administration is pushing back, but $25 billion buys a lot of influence in Washington.
BILL MACLEOD
North Wilkesboro
Support for public option
I support the single-payer public option for health care. We have government-run Social Security and Medicare, both of which work well. We have a public-supported postal service and private competition from UPS and FedEx -- both of which do well in the face of public support of the postal service. It is time to support the people of this country who want the public option for health care.
DAVID RIFFE
Winston-Salem
No doubt
So Dell will pay the $15.5 million back to the city of Winston-Salem ("Incentives and Dell," Oct. 11)? No doubt the check is in the mail.
ELMO POWERS
Wilkesboro
What would Jesus do?
I find it rather unsettling that local ministers are willing to raise hundreds of thousands of dollars to encourage the Forsyth County commissioners to continue the legislative sectarian prayer case in the event the 4th U.S. Circuit Court of Appeals correctly rules in favor of the plaintiffs.
I think biblical passages would support my contention that Jesus would rather have these ministers raise the money to help Forsyth County feed the hungry, help the homeless, provide health care for the uninsured, and provide assistance for those who have lost their jobs.
I hope the Board of Commissioners will not appeal an unfavorable court decision. If they want the Lord to bless their meeting, I have no doubt that their silent prayers would be heard. And if the ministers raised the money to help the needy, many prayers would be answered.
RUDY DIAMOND
Lewisville
Where we're headed
In a recent letter, the writer extols the virtues of socialism. Don't look now but we already have it in our country. Social Security, Medicaid, Medicare, government takeovers of the banks and auto companies, tax credits to the 50 percent of people who don't pay taxes, and government destruction of the mortgage industry all are socialistic. All have made our country a debtor nation. The Fed, Congress and our naive president are now deliberately devaluing the dollar to pay for the mess they have created. The result will be the loss of the value of investments and savings and eventual inflation. Look at Argentina if you would like to see where we are headed.
THOMAS L. GWYNN
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