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It's not Wall Street vs. Main Street. We're all in the current fiscal crisis together. Now is the time to decide whether we sink or swim . . .
By Dr. Robert E. Pritchard
Professor of Finance
Rowan University, Glassboro, N.J.
I agree.
Those who run Wall Street and much of corporate America are grossly overpaid. And, as I see it, so are the entertainers and athletes who pull in millions a year while you and the rest of America work longer hours to pay for food, gasoline and (heaven forbid) oil if you have oil heat.
Mad as hell? Me too!
If you are one of more than 100 million people in the United States who have a 401(k) or similar retirement plan, just wait until you receive your third-quarter statement. Then you can rethink when (if ever) you will be able to retire.
And for those of you who are covered by corporate or state and local defined-benefit pension plans (for example, school teachers), don’t feel smug. Guess what: the value of your employers’ pension fund assets is also dropping rapidly. Probably the only pension funds that are safe are those provided to federal government employees because the federal government prints the money.
Stock markets throughout the world have dropped precipitously, and your future will likely do so as well if we do not have prompt congressional action to stabilize the failing financial system.
Contrary to popular opinion, the Paulson/Bernanke plan is not a Wall Street bailout. It is a Main Street salvation. It will provide a critically needed transfusion of liquidity into the banking systems – money needed to keep the economy running.
It will help to rescue many people from losing their homes to foreclosure. It will help stabilize the real estate markets. It will help us avoid a deep recession. It may help you from losing your job. And, it might even mean that you will have enough money to retire before you are 80!
What about the $700 billion cost? Will taxpayers like you and me foot the bill? You bet. But, it is very likely that implementation of the plan for the government to purchase mortgages will actually result in a profit for us. Yes, a profit!
We need action today to keep us afloat, working, and able to pay our bills! I strongly recommend that you e-mail, write or call your representatives and senators immediately and tell them to support this legislation today.
To contact your senator go to: http://www.senate.gov. Click on SENATORS.
To contact your representative go to: http://www.house.gov.
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