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Banks are a major culprit in the housing industry collapse

May 17, 2011
Lehigh Acres Citizen
To The Editor:

During the week of April 20, I read with concern the article in The Citizen about

the manager of Preferred Community Bank talking to first-grade students about money and savings and banks. The comments here have no reflection on Laurie Jerriery. I remember in the 1940s how banks and schools explained the value of simple compound interest.

However, the banks now pay less than .5 percent interest on savings accounts. The bank we deal with has changed its name three times in the 13 years we've been in Florida.

Does anyone, parents, teachers, bankers explain to the children how our money has been devalued. That 91 cents they received, what it would buy in today it would cost $20 or more. Explain how we used to be on the gold standard - our money was backed up with something of worth like gold.

Now our money has no backing, it really is worth nothing.

For years when I needed a washer in my shop, I drilled a hold in a penny.

You cannot buy a washer for a penny at the hardware store With the price of

gasoline will it soon be cheaper to drill holes in quarters and half dollars

for a large washer. Years ago, our coins were made of silver and gold. Now

they are practically worthless.

Many of the children's parents have lost their homes and or jobs. Has

anyone explained to them that the banks are a major culprit in the collapse

of the housing industry and loss jobs in America? All because of greed and

the government has the audacity to bail them out! Because of greed,

thousands of banks have failed, and more are failing every day. The banks

and government do not want us to save. They want us to borrow, of course,

from them at obscene interest rates.

Their slogan is buy now/pay later. It should be save your money/pay cash. Who explains to the children about deflation, inflation, interest, common sense, honesty, integrity?

America is in trouble. The people running our nation are laughing all the

way to the banks. We are being scammed. Wake up, parents and educators,

the children need help. Teach them the basics. Gambling is wrong. The Florida

lottery is not helping education. It is sending millions of children and

parents into a life of despair because of it.

Politics and financial institutions are the poorest examples of success in

the world.

Why are bankers or politicians allowed in our schools? Who explains to the children the true meaning of freedom, of patriotism, and heroes?

Drive around Lehigh Acres and you will see the results of the greed of

financial institutions, government, and Wall Street - abandoned homes, unkempt

property, homes with stolen air conditioners and water works, broken windows, etc.

Perhaps the Baby Boomers will be remembered as the Generation of Greed and

Corruption.

Jim and Lois Smith

Lehigh Acres

Jerrriey said the presentation to the first grade students was simplified. Usually older students are presented more information but they were taking state mandated FCAT tests that day. Her main emphasis was to teach the students to recognize coins and also that it is important to save.– Ed.

 
 

 

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