Northwest Voices | Letters to the Editor
JPMorgan's $2 billion loss
Better used by small businesses
Editor, The Times:
It is ironic that JPMorgan Chase will throw away $2 billion trying to protect the bank from losses rather than consider providing small businesses with much-needed capital to expand and create jobs. [“JPMorgan CEO unlikely to face shareholder revolt,” Business, May 15.]
Twenty thousand small businesses could have received loans of $100 thousand each from the $2 billion that Chase squandered. Shame on JPMorgan Chase!
— W. G. Trainer, Bonney Lake
Congress gave bankers what they wanted
The JPMorgan Chase fiasco should be a reminder for us. We simply cannot trust Wall Street to think about anything other than its bottom line.
For 50 years or more, the laws were in place keeping Wall Street away from Main Street. It was called the Glass-Steagall Act, and it worked. Congress, ever mindful of the need for more campaign bucks, changed and eventually gave bankers what they wanted, taking Glass-Steagall off the books.
Banks and bankers are again spending millions to keep Congress from doing its job. The “too big to fail” will get their way unless voters make their voices heard. It’s the only way our democracy works for all of us.
— Don Curtis, Clinton
Why vote for Obama?
JPMorgan Chase’s CEO just laughed off a $2 billion loss his bank just took on funny-money trading. During the Bush years, it was every man and woman for themselves and zero regulations that put the “too big to fail” banks and traders in the tank along with the rest of us.
We are now faced with large looming debt that was created by a failed free-market capital system and excesses in public spending. All of us, conservatives and liberals alike, are free-market capitalists. We all want to be successful. At the same time we don’t want financial criminals in our midst creating financial havoc to the point where we lose our homes and jobs.
Some of the free-marketers are simply crooks with Harvard degrees trading within the law. Mitt Romney, who made his money via a buy/sell strategy, is part of the bad free-marketing system. Yes, we all love our capitalist free market. But, we don’t love unbridled private money excesses that we now know created incredible hardship for the rest of us. We are now on track to rein in our spending across the board and even Gov. Jerry Brown in California is doing that. Who would have thought?
Obama’s not perfect, but he gets it when it comes to reasonable regulation in the private sector. Romney will never get it given his track record and his old-school, ancient mentality.
— Jerry Taylor, Elma