Letter to the Editor

592 trillion dollars

Wednesday, November 25, 2009

How much is a trillion dollars? It is a thousand billion dollars or a million, million dollars. 592 trillion dollars represents the amount of money in the over-the-counter derivatives market worldwide. This is the market that ran the price of gasoline up to $4 per gallon, the price of eggs up to $2 per dozen, the price of corn to $8 per bushel and the list goes on and on. It is casino type betting on whether the price of a commodity will go up or down and how much. It is buying and selling the future.

The 2001 Gramm-Leach-Bliley Act made it legal for huge banks and insurance companies to get into the derivative business. This had been illegal before due to the 1933 Glass Steagall Act passed after Great Depression. J.P. Morgan/Chase Bank, with over 50 trillion dollars in the derivative market, was the biggest player in running the price of gasoline to over $4 per gallon. This casino type gambling was done with your money and as a result of huge losses you had to bail them out. How could our elected officials have allowed this to happen?

Our laws in Washington, D.C., are written by lobbyist and special interest people who have made huge political contributions to our elected officials. That is why one party votes one direction and the other party votes another direction. It has little to do with what is best for middle class America in most situations. It involves big money.

How can we change this? Going to the courthouse auditor's office and registering as an independent voter gives us voting power. As we need new blood in everything as time progresses, I urge all voters to get rid of our elected officials who have been there too long. We need more women in government because women look at most things different than men. This is not the same world we lived in 50 years ago. We all need to think before we vote. Get educated and using Google on the internet is a good way to do it.

Frank Lorch

Spirit Lake