Dear Editor:

First, they wanted $700 billion to save the banking industry. But that’s not enough! Now they want $850 billion to stimulate the economy through government works projects and tax cuts. But even that’s not enough! Now they want another $300 billion-plus to save the banking industry some more, because $700 billion just didn’t quite make up for all the money these guys lost when lust and greed overcame common sense and prudence. But even all these measures are still not enough! Now they want to nationalize the banking industry, or at least all of the major national and regional banks.

Who are these people and why are we letting them spend trillions of dollars to bail-out the banks who failed us? I mean so far, saving them isn’t doing us any good. Nearly every hour on the hour we hear of another major corporation shedding thousands of jobs. I see banners on the fronts of banks saying “We Have Money To Lend”. Yes, we are hemorrhaging cash and “they” keep telling us it’s not enough, it’s not enough, we need more more more! I understand that the banking system is essential to our economy and industry and business but where does it all end?

Do they “they” need $1.5 trillion? Or maybe $2 trillion? Perhaps the number is really $3 trillion? Personally, when I heard the number “$700 billion” bandied about back in October my first thought was “It’s going to be more like $3 trillion.” After all, when was the last time you save any federal program come in under 400% of original cost? Do these people even know how much it’s going to cost?

Apparently not, which is why there is now talk of nationalizing the banks. By dong this the government can just keep injecting money (that is taking we the taxpayers further into debt) into the banking and financial systems without needing to tell anyone how much it’s going to cost. They basically get a blank check and just do “whatever it takes.” We will find out how much it takes eventually, but not until after the fact and not until it’s too late to stop it.

I’ve mentioned this before but it bears repeating (endlessly): government is terrible at running anything. It costs 42 cents to mail a letter across the street, and the USPS always operates in the red. When you send a dollar to Washington in taxes you get 30 cents back in benefits - if you’re lucky. They’ve been working on “alternative energy” since the late 70’s and all we have to show for it are a few windmills scattered around the country producing a negligible amount of energy - after 30 years!

And now they want us to let them run the banking industry? I don’t think so. The only reason the banks are seeking this money is because it’s “easy” money. We are all so frightened of a depression that we are willing to give the financial institutions anything they ask for, whether or not any justification actually exists. This allows the banks to continue operating without making the hard decisions, without putting much effort into fixing the problems they created for themselves. It costs them nothing - it costs us everything.

It is time to turn the money spigot off. It is time for business and industry to fix these problems themselves. As our new President said yesterday, it’s time for us to take personal responsibility for moving America forward, and for government to concentrate on helping people in need. Let the government shelter the homeless, feed the hungry, insure everyone gets the best possible healthcare (of all kinds) and that they have free access to the best education in the world. That’s what government needs to be spending our money on. If that means going into debt for the short-term then so be it.

But business and industry needs to take care of themselves. They need to step up to the plate of personal responsibility as well. That’s what a free market economy and capitalism is all about. If we do nothing else we will have pumped over $2 trillion of the taxpayer’s money (or rather debt) into the economy. That’s enough - let’s move on.

Sid Philips

Mountville GA