Perhaps these are more musings than letters. Here are four offerings from readers: one on President Obama, one on a recent Paul Krugman column on the economy, one on the state of things in America and one a reminiscence on the N.C. State University bell tower:
Our president is trying his very best to cure the economic ills this country is now suffering after years of the illusion that derivatives, credit-default swaps, exotic mortgage securitization and other exotic financial products added to the Gross Domestic Product of the United States as opposed to growing our manufacturing and service industries.
They fooled us into using our home equity as an ATM machine without insuring that our home’s value and real income grew proportionate to the bonuses and rewards that those who are now deemed to big to fail enjoyed and continue to enjoy.
We are all asking why is everyone too big to fail except for you and me, brothers and sisters who actually make and/ or perform the goods and services necessary for America to have a real GDP and ultimately foot the tax bill for everything, bail outs, etc.
The answer is that all those who are deemed too big to fail have put their self-interest above our self-interest by putting their self-interest before our elected officials through their lobbyist, campaign contributions and the Washington K Street culture.
Thomas Jefferson, John Adams and the boys back in 1700s set up a form of government that put the citizens, that would be you and me, brothers and sisters, over a standing chamber of our great Congress, the House of Representative and set their terms at two-year intervals so they
would in essence always be running for the House of Representatives, thereby having to keep the voters, again that would be you and me, brothers and sisters, happy. Happiness today is a decent, dependable paycheck and a stable housing market, and members of the House of
Representatives need to hear directly. We need to hound them like the bill collectors hound us!
This strategy to get our interest on par with the AIGs, et. al., by keeping our House of Representatives in our faces, hearing our interests and doing our bidding, will convey to them that we are too big to be failed. If we do this en masse, as Malcolm stated “… by any means necessary,” keeping in mind Frederick Douglas’s admonition “Power concedes nothing without a demand,” then the stimulus money appropriated by Congress will find its way into our bank accounts, firming up our employment or providing you and me brothers and sisters
gainful employment.
President Obama is doing his part. What are you doing?
Dan Coleman
Raleigh
---------------------------------------------------------
I remember well the financial system that existed in the 1960s and 70s as economist Paul Krugman described it in his March 29 column.
I had my little passbook savings account, and once a week or once a month whichever the case may be, I went to the bank, and the teller handled my transaction. Sometimes she would inscribe in my passbook the fact that I had earned $1.23 or so in interest. All nice and neat.
There is a term that economists use: the velocity of money. Then, the velocity of money was like your car entering a school zone. Slow, perhaps even creeping. The economy was also minuscule compared with today’s. The excesses in the markets could have been corrected by the market itself without the government bailouts. This would have taken time, perhaps years, perhaps sooner, and would have caused pain.
However, that would have been preferable to massive intervention of the sort we are seeing. There are mainly three types of homeowners who have been severely affected by the housing price decline. The first group are those who used their houses as investment instruments. They pulled all their equity out to finance cruises and botox treatments, things like that.
Another group are those who purchased with nothing down and with barely the ability to make the monthly payment. When rates were adjusted up, they got caught.
The last major group were those who bought into a hot market at the top and suffered a loss in value when the market corrected. That is too bad. However, if prices in a local market had just witnessed a 50 percent increase in a few short years, wouldn’t that be the time to pause, to consider whether a speculative bubble was building? That makes sense.
If a Madoff type promises you 18 percent annually, and you know that stocks have always returned 7 percent, bonds even less, do you buy in? So these homeowners are impacted by the resulting downturn. The housing market would have reached a bottom on its own naturally, at which point investors would have raced in, which has always happened previously. So a tweaking of the financial markets is in order, a massive bailout was definitely the wrong prescription.
Robert Peele
Rocky Mount
---------------------------------------------------------
Today, I watched a pregnant woman in Wal-Mart in Smithfield drop a case of Coke cans because the paper case broke. There were several young teenagers, both white and African-American, who walked by and did not even try to help her. Several Hispanics teenagers laughed. An elderly man, well in age, got a cart for her and helped her pick up the drink cans.
When I was growing up, I was taught that when someone needed help, you stopped and helped the best that you could. What happened, America?
As one walks through Arlington Cemetery and other cemeteries and monuments dedicated to veterans across this nation, the American flag waves high to honor this nation and veterans who have served this nation they call home. Some veterans we welcomed home with open arms and love. Today, veterans can be found in homeless camps. They are not seen by many as heroes but as eyesores. What happened, America?
Today, people are entering this great nation illegally. Most refuse to learn our language. Some come to sell drugs and steal our way of life. Many of our politicians and business leaders, in my opinion, have found it easier to get down on their hands and knees and welcome them than do what is right for the American people and for America. What happened, America?
The middle class and poor class of people are seldom heard or even recognized, unless we break the law or someone wants our labor or our votes. The media seem more than eager to report the news and to talk about how our so-called leaders are not doing their jobs as they think they should. But how many do you see change places with them and do something to change the way things are?
The government and certain social groups have required the people of the nation to take prayer out of our schools and God out of our so-called court system. Does anyone read the Constitution anymore? Is this America? How long will it be before illegals and certain politicians attempt to close the doors to our churches and tell us what and who we can believe in? This nation was founded on the belief and trust of God, but the people, politicians and this nation have taken their eyes off of God and, like Peter, we are sinking. I pray God will forgive us.
I am a Vietnam-era veteran, and I love this country. I would gladly die for my God and my country. I wonder how many politicians and business leaders are willing to do so if there is no money to be made from it.
I am a red-necked American, born this way, and I am proud of it. My sweat, tears and skinned knuckles, along with those of other true Americans, have tried to make this country and nation great. Some politicians and so-called business leaders have caused us to fail. America, I beg your forgiveness.
Rudy V. Abbott
Pine Level
---------------------------------------------------------
Whenever a story is written about the N.C. State University Memorial Tower, a tale, told by my late father Robert E. (Bob) Pomeranz, a State College student 1939-43, comes to mind.
The recent front-pager in The News & Observer about the lack of bells in the beautiful landmark in West Raleigh rekindled that recollection, also authored in his memoirs, “Gyroscope.”
His Bell Tower escapade was planned in September 1942 and executed with precision Dec. 7, 1942. A Phi Beta Kappa student, among other honors, as well as sports editor and managing editor of the Technician (student newspaper), Dad was also good at drawing others into his special adventures there.
“Early in September 1942, a thought came to me to do something on the first anniversary of Pearl Harbor Day,” he wrote in “Gyroscope” in 1990. “A number of State alumni were casualties of the Pearl Harbor attack, and it seemed most appropriate to recognize them.”
Being ambitious beyond a local level, the idea was “to invite a national figure to speak to the ROTC Cadet Corps at their (regular) noon formation, and to rededicate the Tower to the State men who died in the war.”
Neither Dad nor his committee of friends — Bill Wommack, Bob Boyce, Addison Hawley and Bob Dalton, all honor students — realized the Memorial Tower had never been dedicated.
This ceremony was being planned with genuineness. There was even a front-page article in the Dec. 4, 1942 edition of the Technician. The headline, “Quiet Observance To Mark Pearl Harbor Day Monday” was followed by several paragraphs outlining the event.
“The State College student body will observe Pearl Harbor Day on Monday, Dec. 7, with a serious ceremony to honor those alumni killed at Pearl Harbor or in other war action, or missing in the Philippines. The ceremony will take place at Memorial Tower between 12 and 1 o’clock.
“The ROTC units are expected to form on their regular fields, and march to assigned positions near the Tower. No speeches will be made. After the blowing of taps, one minute of silence will be observed. The Navy has ordered all of its installations except ships in action to observe this silence promptly at 2:20 p.m., Raleigh time, when the first bomb fell on Pearl Harbor last year, but because of a conflict on the campus it will be observed during noon hour.
“The military band will play ‘Remember Pearl Harbor,’ and the Star Spangled Banner, which will be sung by the entire group assembled, and all will take the Oath of Allegiance.”
Efforts had been made to secure a speaker of national prominence. According to the article in the Technician and a paragraph in “Gyroscope,” telephone calls were made to Philippine President Manuel Quezon, who was visiting in Washington; Sgt. Alvin York, the legendary figure from World War I; Lt. Com. Walter Winchell; and several others of similar prominence. None accepted.
“So, we decided to proceed without an outside speaker,” wrote Dad. “Addison Hawley was Lt. Colonel of the First Regiment. Bill (Wommack) persuaded him to march the Regiment at noon on December 7, 1942, from 1911 Field up to the Tower, form there with the Fife and Bugle playing for all they were worth. After Taps were sounded Addison read a speech I had written rededicating the Tower to our fallen comrades of Pearl Harbor Day. It was a solemn and beautiful occasion; (we all) took great pride in arranging it.”
The ceremony over, the participants dispersed but the day wasn’t over for the organizing committee.
“At 4 p.m., a messenger appeared at my door stating that Chancellor (John W.) Harrelson wanted to see me immediately in his office in Holladay Hall across the street,” wrote Dad. “As I went out of Watauga Hall, Bill Wommack joined me; he had also been summoned, as had been Addison Hawley. We were ushered immediately into the Chancellor's office.
“Chancellor Harrelson had headed N.C. State College for (several) years. (In 1934 Harrelson was appointed as the first dean of administration at N.C. State. His title was changed to chancellor in 1945; he retired in 1953.) He had been a Colonel in the Army, and was a strict disciplinarian. He was rather furious,” remembered Dad.
“What right did you have to rededicate the Tower? It has not even been dedicated the first time,’ ” Harrelson said according to Dad’s memoirs.
“There was more of the same for at least 30 minutes, and we were wise enough not to utter a word. When he finally ran down, he was quiet for a few moments, then a twinkle came into his eye, and he said, ‘Good show fellows, get out of here and don't let it happen again.’ ”
As an always proud alumni and strong supporter of N.C. State, I read with great interest the March 22 story, “Bell tower may finally sing with its true voice.” Matthew Robbins is to be commended for his efforts. Hopefully this injustice will one day be righted.
But as far as the graphic “An Unfinished Icon” that accompanied the article and pointed out the Memorial Tower was dedicated in 1949, please insert a line at the proper place. “1942: Tower rededicated to those alumni killed at Pearl Harbor or in other war action, or missing in the Philippines. Ceremony organized by a group of highly motivated and ambitious students.”
Jim Pomeranz
Cary
