Sunday, April 25, 2010



Columnist George Will is a breath of fresh air in the putrid world of political journalism.

While Will is an unabashed conservative, he does not hesitate to take on the far-out ideology espoused by many of those on the right. His reasoned approach to the issues of the day are lacking in the opinions of most political commentators and in the biased reporting of other journalists.

It’s too bad that there are so few journalists with the integrity and intellect of George Will.


There are $600 trillion – yes that’s trillion – of derivatives being traded in a sort of black market by the investment industry. The trading in derivatives by our investment banks is in dire need of being regulated. The reckless trading in derivatives was largely responsible for the collapse of our economy.

I happen to believe that financial reform of the investment industry is long overdue. The small investor and the pension funds need to be protected not just from illegal practices, but also from the reckless habits of many investment traders in their quest to enrich themselves and the investment banks.

While I am not an advocate of more government regulations, I do believe there needs to be more oversight of the investment industry. The current regulations have been inadequate in protecting the assets of small investors and the assets of pension funds. If there had been more regulations in place, I might not have lost over half of my retirement savings.

The problem appears to be that the Republicans are opposed to additional regulations of the financial industry while the Democrats are likely to favor the over-regulation of that industry.

EDITOR’S NOTE - At the request of my insurer USAA, I sent the following message concerning the financial regulatory reform bill being pushed by the Democrats to both of my senators:

Dear Senator ______: As a USAA member, I am very concerned about a provision in the Restoring American Financial Stability Act of 2010 (S. 3217) that could harm USAA, which provides financial services to more than 7 million military personnel and their families. The Volcker Rule provision could cause significant disruptions to USAA's business if passed. Life in and after the military can be challenging and complicated, and USAA eases these challenges by offering affordable products and services tailored to the military community. However, the Volcker Rule in the Senate bill now being considered could dramatically change the way USAA operates and limit its ability to offer these products. Please amend S. 3217 so that the Volcker Rule does not limit USAA's ability to serve the military community. I can assure you USAA is not like the other banks that brought down the economy or took TARP funds. I can count on USAA to look out for my interests, and as your constituent, I hope I can count on you.

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