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Troubles due to corrupt investment banking sector

Oklahoman Published: September 20, 2013

Mike Seney (Point of View, Aug. 30) perpetuates an idea, essentially a hoax, that the problems of today are caused by an overextended, over-regulating government and public-sector unions. In truth, our financial troubles are primarily due to a deregulated, overly corrupt and immoral investment banking sector.

Inflated and supported by the Federal Reserve, aided by the demise of the Glass-Stegall Act and a lack of congressional oversight, the shameless management of financial institutions is destroying the American dream, in the interest of profit by any means that justifies a greedy end. While Americans point fingers at each other and envy the next guy, the crooks enjoy historic profits and perhaps destroy our future as well.

We're witnessing the greatest flimflam in history; it puts us at the brink of financial ruin. The tired rhetoric of “class warfare” and “trying to soak the rich” is designed to end debate and eliminate scrutiny. In reality, we need strong, profitable businesses and good jobs that pay living wages. But the lack of balance between profits and what's truly important — God, family and country — should concern all of us.

All Americans who are able need to take personal responsibility for their own lives and finances. Debt control and living within your means are lessons that should be taught to everyone. But we also need to demand accountability and transparency from the government and financial institutions.

A lack of moral compass is what's killing us; corruption is just a symptom.

Phil Sipe, Oklahoma City

Sipe is president of the Oklahoma City Firefighters Association, a public employees union.

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