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Community Comment

Tue., Sept. 16, 2008, 10:36 a.m.

The latest in a series of hurricanes strikes Wall Street…

Good morning, Netizens...

In this morning's political cartoon by David Horsey in the Seattle Post-Intelligencer we envision a humorous approach to the debacle taking place in the national economic marketplace. To be honest, I have lost track of the number of giant investment corporations that have bought the farm in the last 30 days, let alone the last year. Let alone the “side-deals” being made by various investment corporations to obtain low-cost government loans from the FDIC or, in several cases, advantageous buy-outs.

There are only a few pinpoints of light in Hurricane Subprime Mortgage that truly are understandable. The deregulation of the financial giants was orchestrated and enacted by a bevy of budgetary analysts, Republican lobbyists with the encouragement of our current President in 2002, with vast optimistic predictions of how the market would thrive minus the heavy-handed federal regulations. The other pinpoint that still sticks in my craw is that the CEO's and high officials of these failed financial institutions were still paid billions in separation pay and salaries while the institutions they were charged with protecting were sliding inexorably off the edge of the fiduciary planet.

The only victims of Hurricane Subprime Mortgage, it seems, are the small ma-and-pa investors and those who through their own gullibility, allowed themselves to get in too deeply to the credit morass or simply trusted too much.

The question of the day, then, is have you been impacted by the economy bankruptcies and incongruous melt-down taking place?


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Spokesman-Review readers blog about news and issues in Spokane written by Dave Laird.