It is frightening that the assets of the six largest banks’ earnings are a whopping 60 percent of our gross domestic product. Congress shares much of the blame for the free fall in the economy. The Democrat-controlled congressional committees demanded that banks issue liar loans that were unsupported by financial assets — to advance their low-income housing objectives. The rating agencies also deserve a failing grade for granting AAA ratings for worthless bonds.
It is not surprising that the approval rating for Congress is at an all-time low. No doubt Wall Street banks will dole out huge amounts of money to the outstretched palms of lawmakers to weaken or mute legislation to control their trading activities.
Tej Uberoi, Los Altos
General shift won’t win war
When will the U.S. finally concede that the Afghanistan war is unwinnable, no matter what general is in charge? We are and always will be an occupation force resented by the local populace. The U.S. cannot force change. Change will only come from within, but not from a corrupt, unpopular Karzai government forced on the country by the U.S.
We are only fighting Taliban tentacles in Afghanistan while the head is located in remote parts of Pakistan, our unreliable ally. Meanwhile we are sacrificing precious lives and wasting billions of dollars. As the late Sen. George Aiken said to President Lyndon Johnson about the Vietnam War, “You must declare victory, and get out [now].”
Judi Iranyi, San Francisco
Obama’s empty rhetoric
The polls seem to reflect a growing disappointment with President Barack Obama, though we got exactly what we voted for. Merely by taking office, he already constituted “change” in the White House. And now, while our leader enjoys rounds of golf and parties with friends, he still exudes “hope” that our nation’s ills will disappear.
As we’re overwhelmed with terrorism, an economic crisis, the Gulf region’s oil flood and a lack of immigration enforcement, we have to ask ourselves: Why would we expect anything more than the empty rhetoric Obama offered as a candidate?
Gary Hardeman, San Francisco
New business vs. new taxes
All of us understand the need to consider extending the unemployment benefits for laid-off workers. Hopefully, we also recognize that this solution is merely pushing out the “wrinkle in the rug.” High unemployment will always be there until taxpayer-provided funding is replaced by market-based funding.
For our mayor and other San Francisco officials, the answer is not lobbying for more taxpayer expenditures. We need to focus our efforts to do everything possible to grow our economy. In that regard, Job One is diversifying our economy away from a tourist-centric basis. We were once the corporate and financial center of the west; we can be so again.
We could be a thriving, full-employment economic center again if our city government leaders would step out of their political box and get down to business. New business must replace new taxes.
Michael McGreevy, San Francisco