Houston County Courier - Local News
Stories Added - October 2008
Copyright 2008 - Polk County Publishing Company
Letter - Writer expresses views on bailout
Houston County Courier - October 2008
I feel that my opinion of the condition of the economy may be worthwhile because; 1) I remember the depression of 1929. I remember it well and 2) I studied economics at A&M University.
I would like to point out that in the 1950s I made a very wrong decision. I encouraged Wall Street to have a futures market on live cattle and feeder cattle.
My present opinion and my opinion for the last 30 years is that Wall Street is only a gambling table for traders and it has not helped anyone in any way to get more, but it has given the gamblers a chance to profit at the expense of producers.
My opinion is that we should not tax the people so that we can bail out Wall Street.
I say if we don't bail them out we will have a depression and if we do bail them out we will have a depression plus the burden of higher taxation to cover all the bail outs.
I think the government should not have this burden and place it on the middle class.
I could not help but agree with a senator who said the phone calls he was receiving are split 50-50. That is 50 percent say don't bail it out and 50 percent say hell no.
It is time for every taxpayer to express his or her opinion of the situation to their senators and representatives.
I will lose a little money on my retirement plan but I had rather lose it than put an extra tax burden on my children and grandchildren.