Speak Out ... Keep our $700 billion
If I understand this correctly, $700 billion needs to be invested into our banking system to free up credit. That means that our banking system needs to be re-capitalized. There seems to be no guarantee that the plan passed in Congress will be successful in re-capitalizing the banking system because it is impossible to properly value these toxic loans in question.
Congress tells us that $700 billion means every citizen in the U.S. would be responsible for $2,300. If the problem is re-capitalizing the banking system, why does Congress not write every citizen in the U.S. a check for $2,300 with the stipulation that this money shall be invested in a 10-year Certificate of Deposit in a U.S. bank and the investment guaranteed by the FDIC. The citizens collect the interest on the money for 10 years, and then return the money to the U.S. Treasury. In the meantime, we are guaranteed that all of the money is used to re-capitalize the banks and credit immediately begins to flow again.
Homeownership in America is a privilege, not a right. Corrupt political interference caused Freddie Mac and Fannie Mae to abuse the system and create this problem. To further correct this problem, these two bureaucracies deserve to let the market determine their fate, which will likely be bankruptcy.
Jim Farrell
Anniston
Greed is the problem
Greed — look it up. In the state of today's union, we should keep in mind that we must all have a united state of mind to keep our great nation together as one nation. Not this group against that group, or the Democratic Party against the Republican Party, or one state against another, or even one church belief against another church belief.
We all know greed is at the very core of the problem we are facing today. We shouldn't blame anyone for wanting to make an honest living. Yes, we have had the same problem of greed from the very beginning of time, but God has his own checks-and-balances system in place.
We can remain one nation under God, indivisible. Remember this statement. This nation, as well as God's church, is made up of dysfunctional people. When they are united together, a true miracle will take place.
William Rodney Rich
Hokes Bluff
