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February 04, 2009

Re "Obama slams Wall St. bonuses," Jan. 30

We shouldn't be surprised, after we give billions of dollars to the morons who got us into this terrible situation, that they give themselves huge bonuses and sit on the money that's left.

Isn't it the current economic thinking that establishments that fail as a result of their own malfeasance should be allowed to do so? Let these banks go down. The bailout money should be used to ensure that depositors get compensated up to the FDIC limit for an account and to provide credit to people who are deserving of it.

It would be more efficient for the government to act as a bank than to funnel our money through such an imperfect conduit as these failing banks.

John E. Boyden

Sierra Madre

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