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March 10, 2009

Bailing out the banks

The banking industry argues they had to give $18 billion in bonuses to retain top talent. They also bemoan the fact that the industry lost 260,000 jobs in 2008. Exactly which failed bank do they expect their failed “top talent” to defect to?

The rush to infuse banks with taxpayer money has ensured that bankers are allowed to continue making the same disastrous mistakes that got us into this mess in the first place.

Instead of complaining about Wall Street executives using taxpayer money to buy corporate jets, redecorate their offices and pad their pockets with bonuses, Congress should protect taxpayers who are losing their jobs and homes by writing strict laws that prohibit such irresponsible behavior.

Money given to me by the bank always comes with strings attached, and the opposite should be just as true. The time has come for Congress to create some fine print in the terms of use for any bank that took, or intends to take, taxpayer money.

David A. Young
Kansas City

As a one- time community banker and CEO, I give kudos to Kansas City Federal Reserve Bank President Tom Hoenig for his comments concerning a number of major banks in today’s fiscal crisis. He is right on target as to let the banks stand or fall rather than be infused with taxpayer dollars (3/7, Dollars & Sense, “Tougher stance urged”).

This would be tough on investors, but investing always has an element of risk. As for depositors, that is what the Federal Deposit Insurance Corp. is all about.

Mr. Hoenig should be our secretary of Treasury.

Phillip J. Zeller, Jr.
Junction City, Kan.

If anyone can get our president’s ear, let him know this. Some weeks ago there was an answer in the New York Times puzzle: “Capitalism without failure is like religion without sin.” The quote was from a noted economist named Allan Meltzer.

Myron McNown
Fairway

Comments

Engineer

solomon
I've always enjoyed Rush and suppose I always will. I didn't hear him say the things you quote and I don't think you are giving them their full context. Be that as it may be, I do think Obama wishes to make fundamental changes in this country, changes to which I am unalterably opposed.

solomon

Good evening Engineer,

As you know I rarely post on Presidential threads other than to say Presidents are all due our respect but it is ok to criticize them for their actions.

Now that Obama is in office I think we see just as many anti letters about him as we did Bush, and (I've been here participating since 07) Bush had 7 years of issues he was being held accountable for.("accountable" not being used negatively here at all) It would seem that there is nothing Obama is even "thinking" that does not instantly draw to him you guys rebuke.

As an aside; I was at a dealership yesterday and a salesman had Rush playing on his radio. In less than a minute he called the Obama's "racists", "hatemongers" and "stalinists". i'm sure the Rush lovers here can confirm that, as I would imagine it was not the first time he hurled those words around the airwaves. that crap has to rot a persons brain if listened to daily.

BTW, I asked that salesman to turn that crap off.

Jim

I guess violating the first commandment is okay if you're talking about Reagan. Glad I'm not superstitious. I can't keep all of god's rules straight.

Engineer

I've felt the same way about the letters the last week or so. One reason may be that the letters that stirred up the most response on the blog were the many that attacked Bush and the few that praised him.

BudRog

agree the letters are for the most part yawns......Lib Jim Reagan IS God, you apparently did not get the memo.....

solomon

I think the new route is great for KC. Let the party continue into Westport and then arrest drunk drivers by the hundreds about 5 p.m..

That's entertainment.

Casady

I'm banking on the rerouting of the St. Patricks Day parade (and St.Patricks Day in general) to bring on some irate letters regarding the moral decay of our society. That will be fun.

Jim

I agree, Solomon. You know they're hurting for content someone's brilliant insight that puppies make children happy makes the letters page.

Surely they could dig into their vast archive of Mark Robertson "Reagan is God" letters to give us. He probably gets his own file cabinet in the Star offices.

solomon

....or a guy walking INTO a casino.

Is it just my impression or do the letters suck recently? Whatever happened to the good old days when groups were taking our rights for or own good, LaRaza was KC's public enemy #1 and welfare bombs were reigning down on children?

"sigh"

Kate

Wait a minute . . .

In these tough economic times, who has a hundred dollars in his wallet?

JHO, Jim’s either an auto exec messaging us from his corporate jet . . . or a member of Congress.

Kate

For a hundred bucks, he could do both!

solomon

Hey Jim, buy us lunch today.

Jim

I have a crisp $100 bill in my wallet. Perhaps I'll initiate a hostile takeover of Citibank today.

solomon

Actually the 2+2+4 makes sense............

JayhawkinMO

Rats, I meant to write 2+2=4...

JayhawkinMO

2+2+4... CitiGroup receives bailout funds. CitiGroup reports profitable Jan and Feb. Voilá!! The Dow-Jones rises by almost 400 points on Monday!! Good deal!

 
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