While I am truly an old geezer, being born in the middle of the Depression; and while I was not old enough to truly understand all that took place, I was close enough to the Depression to believe any story I have heard or read in the years since. Regrettably, folks born after World War II have heard little and believe less. It really was that bad.
In 1933, in an attempt to head off another stock market disaster like 1929, Senators Glass and Steagall created and passed a bill separating banks and stock brokers. As you doubtless know, Wall Street likes to make money, which is a commendable idea, within limits; and Glass-Steagall were those limits.
Wall Street doesn't like being limited, and in 1999 Senators Gram, Leach, and Bliley presented and passed a law repealing Glass-Steagall. That alone did not cause the recent meltdown but was a large part of it. Now, Wall Street is right back betting the bank reserves. And why not? Washington has all that tax money to bail them out if they fail.
Bills have been presented in Congress to re-enact Glass-Steagall, but none have survived. Do you still think that Wall Street has no leverage in Washington?
I am reluctant to suggest "Vote 'em all out," because there are a few good Democrats and several good Republicans. However, there is no doubt that Washington needs a good house cleaning.
Phillip G. Miller, Montandon
Opinion
House cleaning
- Opinion
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Good-paying jobs
I am writing in response to comments made by several lawmakers and certain media regarding people receiving unemployment compensation not searching for employment but only wanting extensions.
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Economy is tough but still pay rises
It was my first time attending a Lewisburg School Board meeting last night. I went to hear public comment on the Boards recent decision to extend the Superintendents contract, which included a 20-plus percent pay raise.
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Sunbury has a lot to offer
I would like to respond to the letter writer that inferred that Sunbury was a pretty package with nothing inside.
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Mutual aid is necessary
Mutual aid agreements in local law enforcement strike at the heart of basic small-town decency. When a neighbor is in need, those equipped to help ought to drop everything and spring to aid.
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Lifting me higher
I am not a winner of a Pulitzer Prize, nor am I an author of best selling novels, I'm just a human being attempting to live life here on earth with purpose and I can find no greater way to do that than through my faith and my belief in God.
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Understaffing
I read with interest your article regarding police mutual aid in Northumberland County.
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Carney, Marino ought to get focused on issues
U.S. Rep. Chris Carney and Tom Marino ought to focus on the issues in the upcoming campaign for Congress.
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Blatantly unfair
The Pennsylvania Republican Party is supporting an effort to strike third-party candidates from the general election ballot in November.
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Fiscal responsibility
This editorial letter is only the second such letter I have been moved to pen in my lifetime.
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Schools need a little help from home
Milton High School failed to meet its adequate yearly progress under Pennsylvania's version of the federal No Child Left Behind because one student did not show up for the standardized test.
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Good-paying jobs
