Don't let private sector overtake nation

The cry has gone up to "unleash the private sector" to correct our floundering economy, and all I could think of was, "Why?"

We gave the private sector the go-ahead, and they stole the American people blind, even betting, through derivatives, that they would foul up.

Through the misguided idea that a nation, like a business, should never use its capital but borrowed money for day to day activities -- and to create that vast amount of borrowed cash -- our private sector started bundling mortgages and selling these little packets of the United States as securities -- collateral for loans.

In 2003, American jobs were disappearing at an astounding rate while the Congress and president passed laws giving tax breaks to American corporations if they would move offshore. Home foreclosures started to mount.

The American private sector -- corporations -- still made money hand over fist, so from their point of view we were not in a financial bind.

This vast amount of money flowed uphill from American homeowners. The failing mortgages started to falter, finally rendering these securities as trash. Entire nations had bought these things for trillions of dollars, using this new wealth they had spent like drunken sailors, all on credit -- and they are still going down.

The private sector started to go under. Greed is a force that lives in all of us, and without oversight we can act like a drunken mob. The public sector -- our people, through our government -- paid the gambling losses of the private sector. If we give total power to the private sector, we will cease to exist as a nation.

The only reason for any corporation to exist is to make money, but somehow these machines have been given the rights of men and women of our nation, and have been deemed too big to fail.

Do not allow our nation to fail. Keep the power out of the hands of the private sector.

Michael Ferguson

Augusta

More