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Monday, February 22, 2010
Letters to Outlook
Corporate socialism
It is no surprise that Winthrop Quigley received such a strong reaction from readers to his coverage of the closing of Charter Bank. After all, people have an intuitive revulsion to unfair policies. Few policies are more transparently unfair than those foisted on the banking industry by the federal government which have bailed out some "too big to fail" banks with billions of our taxpayer dollars, resulted in massive bonuses for corporate fat cats, and yet have driven smaller community banks like Charter out of business for relatively minor transgressions.
The fact is that while not always as obvious as the case of Charter, this is par for the course for the federal government. If you have the money to buy high-powered lobbyists, the government will come to your rescue. If you don't, you are out of luck.
What average citizens need to understand is this: The current situation is corporate socialism, not capitalism! Banks were among the most tightly regulated industries even before this economic crisis. Factor in federal manipulation of the money supply, the creation and financing of Fannie Mae and Freddie Mac, and dozens of other interventions in the financial sector, and any semblance of capitalism are lost.
Charter may have made mistakes — humans are not perfect — but in the end the bank is a victim of unfair federal intervention and the nation's rapid shift toward corporate socialism.
Paul J. Gessing
President
Rio Grande Foundation
Albuquerque
Local banks need help
I'm so glad that the House approved a bill allowing New Mexico local banks to get more money from the government to help people out on the local level. It is so unjust that people who were wrongfully impacted by the burst of the banking bubble should have to continue to suffer because now banks have gone the other way and completely tightened everything up.
Allowing only local banks this privilege at first is a good decision because it will be easier to monitor local banks. It is also better for regaining the trust of the American people because they will be more willing to put money into savings and CDs at local banks.
This is because people can see where their money is going and will feel safer giving their money to community members.
Janine Caller
Lexington, Ct.
(Editor's note: The bill was set for a vote in the Senate, but died upon adjournment Thursday.)
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