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A new way forward

Dear Editor:

While it was hard to quickly get one’s mind around the banking crisis, now a number of things are becoming clear to many of us.

One is that “too big to fail” is too big, period. No private corporations should be allowed to become too big to fail. That is giving it a blank check to avoid the consequences of its actions by blackmailing the rest of us.

Another is that the recent behavior of top management of these huge banks in making tremendous short-term profits from irresponsible lending and leaving the rest of us with the bill was actually criminally fraudulent.

Our conclusion is that there is now only one solution and that is for us (our government) to temporarily nationalize the banks, clean them up and then sell them off piecemeal as smaller banks. At the same time, new regulations should make it impossible for any bank or other private corporation to become “too big to fail.”

I cannot think of anything more important for us to spend our time on right now. As public understanding of all this increases, public outrage and rebelliousness is going to reach dangerous proportions. I already know young people who are tearing up their credit card bills.

An action group has already been formed. For more information, go to http://www.anewwayforward.org.

Mary Boland

Carbondale


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