- Ada, Oklahoma


October 12, 2011

Letter to the Editor

Ada —  

Editor, The Ada News:

I take exception to your article Occupy Wall Street Crowd Misguided. These marches across the U.S. are showing frustration of masses against overall condition of our economy, dysfunctional political system and big banks. The unemployment rate in the U.S. remains high at 9 percent. The economy is not showing any signs of recovery. Rather the fear is now of another recession. The debt is at an all-time high and alarmingly approaching the gross domestic product (GDP) level. The debt rating has been lowered to AA+. The Federal Reserve is simply printing money to buy back U.S. debt and thus destroying wealth and creating risk of inflation (or stagflation, a condition where we have recession and inflation together) and risk devaluation of the dollar. The world has started questioning the validity of U.S. dollar as a global currency.

Further, it is a fact real wages have been stagnant for the last three decades. The poverty level in the U.S. is at its highest level. The middle class is feeling the pressure of recession, lost jobs and depleting wealth. Big banks, which went much beyond self-interest in approving bad loans to those who could not have afforded those loans, were bailed out with taxpayer money. Deregulation of the banking industry helped banks made huge profits and — as a result — big bonuses and salaries were paid regularly to big bank executives. Yes, free enterprises work in self-interest to make a profit and there is nothing wrong in doing so. However, when free enterprises work out of greed and take advantage of loop holes in laws and work unethically, it creates unjust wealth for some and then others have to pay the price. Even, the famous economist John Maynard Keynes advocated thoughtful regulations for the free enterprise system to work. 

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