Web Letters: Bridge Loan to Nowhere

I have never been a fan of Wall Street, and I am not inclined to bail them out. I have a good civil service pension plan, but several years ago the county wanted to buy me out of that plan and give me a cheaper one with fewer benefits, along with a a 401(k). I wasn't interested! I knew something like these recent events would happen, and I didn't want my pension controlled by the whims of Wall Street. I must confess their stupidity exceeded my expectations.

Whatever your opinions are about Wall Street or investing, do not allow the privatization of Social Security! It is more secure than investments, and should be the core of your retirement plans. Conservatives will lie to you and tell you it will not be solvent because of our low birthrate. However, our population is going through the roof, and there may even be too many of us. The real economy, and not Wall Street, should be supported. The American market is ordinary people. They produce the goods and buy the products. A good market, in any country, depends on the support of ordinary people. This means that they must have good jobs with a disposable income to buy these products.

The purpose of "free trade" is to drive down wages, and the "unintended consequence" (?) is, it also drives down the markets for goods. The globalized economy is an economy out of control, and if one part suffers a recession or depression, the whole world suffers too. National economies compartmentalize risk, and failure in one country may not extend far beyond its borders. Every country should have tariffs, behind which their people can control and develop their economy to suit their needs. It is how America became a major state and a world power. We need tariffs to protect American jobs and industries. Every country needs them!

Pervis J. Casey

Riverside, CA