A quick fix will be no fix at all
To the editor:
I am no expert on national finance -- and I doubt that many of our representatives are, either -- but I am troubled that a problem our representatives should have seen coming over the past few years is going to be "solved" in the next eight days. I fear bad legislation is shortly to follow.
Let us not lose sight of the fact that the basics still apply: All these financial instruments that U.S. citizens are buying have a price. Shortly, you and I will let our representatives buy billions of dollars worth of junk -- for us. What are we paying for the garbage that the financial industry does not want? Is the pricing fair? Are the financial corporations going to share in this suffering?
Financial corporations are the largest contributors to Congress. They demand "free" speech to lobby Congress with huge amounts of money for their self interest. Surely Congress can find a way for them to now pay for their greed.
Richard E. Small
HENDERSON
Foreclosure neglect
To the editor:
I have resided in Las Vegas for more than 50 years. I am very cognizant of our local economy, as well as the national economy. I am aware of the numerous foreclosures. The residential market and commercial market have obviously been drastically affected by a multitude of factors.
Upon foreclosure, many of the lending institutions neglect the maintenance of these properties. Several neighborhoods are further depreciating as a result of neglect by lenders. The irony of the neglect is that when the borrower executes the loan origination documents, the deed of trust generally contains a covenant alluding to preservation, maintenance and protection of the property. The basic language follows:
"Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage."
Why, then, does the same covenant not apply to the lender in the deed of trust upon receiving the foreclosed property? It would be appropriate for the lender to share the liability in order to prevent further neighborhood depreciation and deterioration. This could have a significant impact in neighborhoods that have multiple homes for sale -- both foreclosures and non-foreclosed properties.
Kerry L. Keltner
LAS VEGAS
End foreign aid
To the editor:
Now that the plutocrats have rescued their incompetent cronies on Wall Street, American citizens must demand that foreign aid programs end. To halt our slide toward Third World status, all U.S. money must remain in America.
Sure, it's a radical idea, but charity begins at home. The economy you save may be your own.
William Donati
LAS VEGAS
Some rescue
To the editor:
I am confused. We are told by the fat cats in Washington that we, the taxpayers, need to bail out their rich cronies on Wall Street to the tune of $1 trillion to save the economy. After this, we, the taxpayers, are supposed to feel ecstatic that we have been "rescued," and rush out and start spending loads of money again.
How do we start spending again if we are paying back $1 trillion?
William Mulholland
LAS VEGAS
CEOs must pay
To the editor:
These executives who got themselves into this economic mess have been paid millions of dollars. Presumably, they saved some of it.
They have forced many families out of their homes due to their greed and bad management. Save the individuals' homes, not these bad, greedy executives.
Faith Franck
LAS VEGAS
Sham legislation
To the editor:
The energy bill the House passed last week is bad news for those who were hoping to get some relief from high oil prices. What we will get from this bill is an unnecessary, government-subsidized alternative energy program, and no increase in oil supplies. This Pelosi/Reid scam pretends to increase oil drilling, but allows it only 50 miles offshore, where they know it cannot be economically justified.
Congressmen who vote for this so-called compromise should be ashamed. If Californians think getting their oil in tankers is more risky than by pipeline, don't drill there. But the country has an oil crisis, not an energy crisis. We at least need Arctic National Wildlife Refuge and Western shale oil. We don't need hundreds of billions of dollars added to the budget deficit.
Tom Keller
HENDERSON
