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No one saw a crisis coming?

September 17, 2008

Re "Wall St. scrambles as banks teeter," Sept. 15

As I watch in horror the financial crisis surrounding the mortgage mess now unwinding, I am amazed at the credulity of the public, which apparently accepts the pleas of politicians, regulators and professional investors that no one could see this coming.

What we are seeing is a consequence of greed triumphing over judgment and the blind anti-regulatory bias of the party in power. This administration and its minimal government acolytes have ignored incredible mismanagement of risk. Now the administration is putting the full faith and credit of the nation at risk to help bail out the financial industry.

If one believes the current polls, many people would return the party in power to office for four more years. I fear that, if we elect more of the same, our nation, and not just the financial industry, will face bankruptcy.

Frank Frazier

La Habra

So do the Republicans still think we should privatize Social Security and send all that money to Wall Street?

Lou Cohan


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