Letter: Financial crisis looming

To the editor:

As a long-time Democratic voter, I need to speak out. Something very threatening is going on in this country, and it appears too few people are aware of this impending disaster. There is a cataclysmic financial crisis - far worse than the crash of 2008 - on our doorstep, already a cause for concern. While the everyday media is ignoring or squelching this topic, the financial media is full of discussion and issuing serious alarms. This is not easy to understand or grasp as truth in a country that is as divided, contrary, and manipulated as ours. The Federal Reserve, not a governmental agency but a financial power of its own, is already making daily injections of huge amounts of credit and financial relief to the decaying Wall Street and City of London banking system, which is sucking the monetary wealth out of this country, money that could otherwise be building our national economy and supporting the lives of everyday working American citizens. The American public was made to bail out these narrow-minded, self-serving gamblers a decade ago, a network which is even more decadent now. It is very possible the stock market will crash, but it’s also very possible our whole country’s economy and our whole everyday way of life is also in danger. We need quick action on the part of Congress to revive the Glass-Steagall Act, which was brushed aside in the 1990s, after maintaining since the 1930s a distinct separation between commercial banks, serving the people, and these investment establishments that are designed to serve only themselves. Quick action must be taken, but Congress – and principally the mono-focused Democrats relentlessly chasing a questionable process of impeachment are blindly disregarding the welfare of our nation and all its people. They are derelict in their duty as our governmental representatives, and will surely be held accountable if what so easily could happen actually does.

Douglas Williams

Peterborough