Letter: Nation needs financial reform
To the Editor:
Are you satisfied with the zero percent you made on your investments the last 10 years?
In updating his book "Common Sense on Mutual Funds," John Bogle concluded, "The faith of investors has been betrayed." He added, "In the world of financial markets the investor feeds at the bottom of the food chain."
In the Wall Street Journal Jan. 21: "Celinda Lake, Martha Coakley's pollster, spoke the truth yesterday when she said their campaign was hurt by the White House's failure to confront Wall Street. This has left Democratic candidates the targets of angry voters."
"We live in the shadow of a decade of lobby-rigged markets," said Eli Pariser (Moveon.org). "Corporate interests and their lobbyists have hamstrung our politics making it difficult, or impossible, to make the change our country needs. Unless we confront this oversized influence directly, it will stymie our best chance in a generation for progress and reform."
Congress must pass a strong financial reform bill. Alan Binder commented Jan. 20, "Wall Street has mounted ferocious lobbying campaigns against virtually every meaningful aspect of reform."
Democrat vs. Republican is a little game they want you to play -- get your mind off real issues. Wall Street, big banks and their lobbyists control every Congressman. The Brown/Coakley affair Tuesday has finally caught Congress' attention.
Are you going to be satisfied eating crumbs that fall from the banquet table the rest of your life?
Milton J. Hayman