Letter to the Editor
Wednesday, June 26, 2013
David Stucker and Dr. Sanjay Basu wrote a book called "The Body Economic: Why Austerity Kills." They were alarmed by the sudden increase in suicides and other mental health issues in the wake of austerity measures across the globe. A good public health and education system helps fight economic recession. We need Medicare for all, free education for all. This creates hope rather than despair.
Our government is locked up in a political civil war, passes laws favoring the mega rich, drains the economy with wars and self protection, allows Wall Street to create recessions and rob investors. Therefore, money is taken away from health, education, infrastructure. The same vultures are doing the same thing right now. The solution is to restore the Glass-Segal Act which was working.
Iceland lost big when they invested in Wall Street. However, their approach to recovery favored the people. They did not bail out bankers in the same way our government did. They did not create a hopeless feeling by foreclosures as we did. Good economics is to take care of people first. When our congress people voted against the Glass-Segal Act during Clinton's time, they removed the barrier preventing bankers from acting like casinos. They voted for Wall Street and against Main Street. Thus, the housing seam developed. Two major recessions since the Glass-Segal Act was repealed is evidence that the Act was working. Congress has not fixed the problem. It is going to happen again (pensions are still at risk).
Is it too late to regulate Wall Street? The "too big to fail" groups robbed us and got away with it. None have been taken to court. Without regulations and enforcement to prevent such robbery, they will continue to financially ransack the 99 percent. Which of the 99 percent could rob a bank and not go to jail? They are robbing us of good health, education, and infrastructure. Our representatives are serving the "too big to fail" people. Austerity is an excuse rather than a solution.