Posted: Friday, October 10, 2008 10:00 pm
How we got to this mess
Froma Harrop's "This Law Didn't Cause the Mess" (Oct. 6) is erroneous in that she didn't acknowledge the fact that the Community Reinvestment Act of 1977 provided the basis for our current economic woes.
You add Madeleine Albright's threats during the Clinton years to punish banks and refusing to ease lending rules for questionable borrowers, Shumer and Frank's stupid insistence on adding government guarantees to the act to support the loans, and the banks had little choice.
These two congressmen sponsored the CRA and they now blame the GOP for what they did (can we say racism here?) and want to be the foxes guarding the henhouse they recreated with the bailout.
Now a huge chunk of the economy has to be federalized. Let's face it, folks, the Dems will say and do anything to further their socialist agenda. Make no mistake: Their target is the constitution!
Charlie Stoakes, Brownsville
Who bails out our 401(k)s?
I agree with Michael D. Felde ("We're punished for thrift," Oct. 7) but I would add loss of middle class retirement funds to the ongoing debacle.
The biggest losers in this financial crisis may well be "Joe Six Pack" and middle-income Americans. Congress' top budget analyst announced Tuesday that Americans' retirement plans have lost up to $2 trillion in the past 15 months, which is about 20 percent of their value. Who is going to bail out or rescue us?
Golden parachutes and excessive compensation packages for CEOs are being funded out of middle America's pockets when we purchase stock for our IRAs, 401(k)s, and other retirement vehicles. This is "trickle-up" economic policy.
Stock prices rise and companies are flush with capital, in part, because when middle America was told that Social Security would no longer be enough to live on during our retirement years we listened and began investing in Wall Street to fund our future. Wall Street and financial institutions have spent our retirement savings and are now asking taxpayers to give them another $700 billion. Where does it end?
Wall Street and financial institutions have a fiduciary responsibility to their stockholders to operate under business practices that don't put us in jeopardy of losing everything. They have failed miserably at this and executives must be held accountable.
Both Democrats in Congress and Republican Sen. McCain say they want to offer assistance to average Americans this time. They have various plans to buy up bad mortgages and renegotiate both home value and interest rates. Some people who will benefit from these plans bought more expensive homes than they could afford. Now the government comes in and says to them, "You bought a $600,00 house that is now worth $400,000. The government (taxpayers) will write off $200,000 of your debt and lower your interest rate." Those of us who didn't buy above our means don't get this bailout - we have to pay for it!
Those of us who live within our means are footing the bills without any benefit to us. If everyone is being bailed out by the government, when is someone going to buy out our 401(k)s and IRAs for their previous value?
Karen Dierksen, Lebanon
Bedore and the need for jobs
In my 30 years as a resident of Albany, I have never seen a mayoral race where the two candidates are so distinctly different. That alone makes this an important race. The clear difference between the two candidates has led me to give my support to Mayor Dan Bedore.
Dan understands that in order to keep the number of jobs in Albany at the current level it is necessary to attract new jobs such as the Pepsi plant. It is naïve to think that all of the current plants and facilities will always be here.
Competitive environments change and some older plants will simply not be competitive when those changes occur. The recent shutdown of one of the paper machines at the Albany mill is a reminder of that. Hopefully the machine will restart, but that decision will be made in Memphis (International Paper's headquarters), not in Albany.
Dan's business experience makes him a natural to negotiate with companies that show an interest in our area. Dan talks to people in a civil tone and he knows that the best deals are ones where both sides win.
I would also like to point out that Dan runs efficient meetings and meetings where those who speak feel that they have been heard. Why is that important? If our council meetings last until the wee hours of the morning we will not be able to attract working people to run for council.
I always believe that a diverse council serves our interests best, and to exclude citizens with a job is not in our best interests.
Dan's educational background, his experience as mayor of two cities, and his native intelligence all say that he is the best candidate running for mayor.
Fred Reed, Albany
Konopa and a new beginning
I just got my new lawn sign and it says, "Elect Sharon Konopa for mayor; A new beginning for Albany."
Sharon has been serving on the city council for almost 12 years, for very little money and very little appreciation. She has spoken for all neighborhoods, while most other city councilors and the mayor have listened only to special interest groups who will profit. I pray Sharon is elected because she is an honest hope for our town.
I have seen signs that state, "Elect Dan Bedore; Mayor." That is all it says, and all it represents is status quo. Dan lost an election when he ran for city council, then he was appointed to the city council for one year and then appointed as mayor. What did he do for the citizens of Albany and our community in service prior to him being appointed? How does that one year compare to Sharon's years of service and life-long commitment to Albany?
I have been involved with Volunteer Caregivers (formerly Interfaith Volunteer Caregivers) for many years and I know firsthand that Sharon helped coordinate and assisted youth in helping the elderly with their yard cleanup prior to and during her first several years on the city council.
She always has looked out for the average citizen and taxpayers in Albany. She cares about Albany; she cares about people. She has been our proven strong voice. So please, join me in supporting her for mayor of Albany.
Lynda Holt, Albany
A new low in political ads
Just when it seemed the negative political ads from both parties couldn't get more offensive, Gordon Smith hit a new low with his "Willy Horton" copy-cat ad about letting rapists out of prison. Most people wouldn't buy a wristwatch from either one of these guys anyway, but this ad from Smith is beyond the pale.
When politicians grow up and stop trying to outdo the other about who is the most scurrilous, maybe the voter turnout will increase to a respectable number.
Bob Sullivan, Sweet Home