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Northwest Voices

Seattle Times letters to the editor

December 14, 2008 at 4:43 PM

Bailouts galore

A lost cause

Failed insurance giant AIG needs another $10 billion of ours to cover their bad “bets.” Goldman Sachs sold AIG the contracts and collected their “winnings.”

Henry Paulson, a former CEO of Goldman Sachs, gave Goldman Sachs another $10 billion in TARP [Troubled Assets Relief Program] bailout funds. Does anyone else smell a rat here?

Instead of being rewarded, AIG and Goldman Sachs should be investigated for fraud and if Henry Paulson doesn’t resign in disgrace, he should be fired. Unfortunately, the latter would require him to have a competent superior.

— Robb Willis, McKinleyville, Calif.

Keep dreaming

Congress is confused. They give away hundreds of billions of our dollars to their Wall Street cronies, without a business plan or congressional oversight, then balk at giving a fraction of that amount to the auto industry.

They preach the evils of socialism when blue-collar jobs are at stake, but have no problem subsidizing white-collar investors.

It’s time to forget outmoded concepts of left and right, socialist and capitalist.

Socialism collapsed in 1980; capitalism collapsed in 2008. Now we know that unregulated, trickle-down Reaganomics produces only short-term prosperity, followed by disaster.

We need to dream up a new economy: a synergy of left and right, federal oversight and local entrepreneurship. Government agencies will directly hire creative local businesses, linked into a national grid through Internet communication.

We have transcended our need for corporations, stock markets and labor bosses. Let the new economy rise like a phoenix from the ashes of the old.

— Fred LaMotte, Steilacoom

The only way

If the government proceeds to lower interest rates to 4 to 4.5 percent I hope they have the sense to make my tax bailout money available only to people for their primary home — only one home, no investors, owner-occupied and records are checked to see if the person wanting this loan truly qualifies.

Otherwise, the rich will continue to get richer and the rest of us will continue to get screwed.

Anyone caught cheating or lying will have to forfeit all of their assets — not just pay a small fine and go on their merry way.

— Harriet Benjamin, Seattle

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