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Front Page » September 30, 2008 » Opinion » Letter to the Editor: Financial crisis
Published 2,216 days ago

Letter to the Editor: Financial crisis


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By ALFRED BROCK
Wayne
Mich.

Editor,

The way it worked two weeks ago was that brokerages arranged for financing for corporations through stock options and other financial instruments. Some of this work was speculative and did not guarantee a return. They were agreements to do business and see if success would follow.

Today either the government controls the banks, the brokerages or the insurers. Banks have been allowed to buy brokerages for the first time since before the Great Depression. That was the state of affairs that caused the Great Depression.

With banks holding these brokerages and making money available to stock options the companies that float these stocks will not even need to produce anything-the bank will adjust their books as necessary in order to ensure profit. Good companies will be scuttled and bad companies will rise-the result will be a long term weak economy that will continue to be exploited by centrally operated economies like Communist China.

As for spreading capitalism, democracy and the American way-President George Bush and the Republican Party have installed a central economy controlled by Washington, DC and operated in New York City. You know those signs that say, 'The End is Near?'-well-the end is over-welcome to the Brave New World. This is the greatest political scandal in the history of the United States.

How do you describe the United States seizing banks and brokerages and all assets by force? Today the Federal Government banned 'Short Selling'. What that means is they have made it illegal for the price of stocks to go down. They have made it illegal for the cost of living to be reduced.

President Sarkozy of France said, "Who is responsible for this disaster? May those who are responsible be punished and held accountable." That's a nice sentiment but like George Bush outlawing price reductions are we going to start arresting people because they lose money? Isn't that insane?

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