The President of the United States
The White House
1600 Pennsylvania Ave NW
WASHINGTON, D.C. 20500
9/2/2010
Mr. President:
When I was in the 7th or 8th grade my Civic’s teacher assured the class that we would never face another depression. Laws were enacted to prevent the root cause. I learned later that the Gramm-Leach-Bliley Act of 1999 removed the safeguards placed by the Glass-Steagall Act of 1933.
Recently Congress passed and you signed the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. However this bill does not seem to address the underlying causes that the Glass-Steagall Act did. Is my government asking me to trust them again? My government assured me in 1999, all would be well. The only people that were safe were the Fat Cats on Wall Street. They made huge salaries and when they drove the country into the ditch, my government came to me and said well, we have to bail them out. Thanks to the Bush administration, we did. Did any of the Fat Cats go to jail? No. Why? They did not break the law. Does the Dodd-Frank bill award jail time for bad acts? I don’t think so. So the absolute worst that can happen, when greedy Wall Street cripples us again, that company will go out of business. Those at the top keep their riches and retire. Their employees will apply for unemployment.
There is a Consumer Protection component that was part of the Dodd-Frank bill, however, the person seemed most qualified to look after the consumer, Elizabeth Warren, has not been nominated. No one, with any ties to Wall Street, including those in your party and your administration has come out in her support. This is shameful.
There is a hole in this bucket on so many levels and it needs to be fixed. If you cannot get it done via Congress can you please consider Executive Orders?
Sincerely,
No comments:
Post a Comment