One big Ponzi scheme
September 17, 2008
Editor’s note: This letter originally was sent to U.S. Sen. Ken Salazar.
As a taxpayer and hard working American who manages on a modest income, I am insulted that the federal government continues to bail out big financial and now insurance firms. These companies and their executives have made big money gambling on the fruits of the hard work and diligence of every mortgage-paying homeowner.
Watching from Carbondale, the Titans of Finance look like nothing but a bunch of scam artists who were allowed to put together the biggest Ponzi scheme ever. As long as they could create new financial instruments and schemes using the $1,100 I pay on my mortgage each month, they were allowed to run rampant. But once the economy turned, the game ended abruptly. Those titans suddenly had billions in losses on their hands, and they came running to the federal government for help.
It’s obvious the game is up, the Ponzi has reached its end, but, for some unexplainable reason, the federal government is stepping in to cover the losses. Don’t you know that the loser in a Ponzi is the last one through the door?
Are you, Senator, signing off on an $80 billion bailout for incompetent and overpaid executives?
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I am appalled at these bailouts, and the fact they continue to reward greed and excess. The federal government won’t bail me out if I were to have financial problems. Quite the opposite: It would assist my creditors, through extremely anti-consumer laws, in making my life a living hell for years to come. The federal government shouldn’t be bailing these people out, it should be putting them in jail.