Tuesday, September 30, 2008


Webster’s definition is:
An exclusive trading privilege; the sole right or power of selling something; or full command over the sale of it; ---the possession or assumption of anything to the exclusion of others; ---
I started this letter with the dictionary definition to put my comments in the context of its content. It is my opinion that a true democratic society must have safeguards to protect the citizens from some monolithic entity with sole power over some segment of services whether it is banking, energy, transportation, utilities or other. Our government used to protect us but now it seems nothing is too big for them to be concerned. For example the current financial crisis which has created three super banks; Citigroup, Bank of America Corp. and J.P. Morgan Chase &Co. Wachovia and Washington Mutual Inc. were themselves huge entities who both had been absorbing others until they purchased one poison pill too many and self destructed in the process.
The first order of business for the next Administration and Congress should be to start breaking up these monopolies into smaller and smaller segments at the same time assuring protection from takeover by foreign entities. It will do no good to downsize if the result is a takeover by an overseas entity. The last thing we should allow is foreign ownership of major business any more than has already occurred. As this process unfolds then protections must be installed to keep these companies honest. Excessive CEO pay and benefits should not be accepted as legitimate business expenses which reduce their tax liability. If the Boards want to grant excessive compensation, then so be it, but let them pay the taxes due. Regulations should be established and the agency enforcing them should be adequately funded and not interfered with by politics.
I can envision a final grouping of three or less energy companies controlling everything in the energy field. Make no mistake when alternative sources really start to make a difference they will be ready to buy in and profit from them as they have for decades now with oil.
If the American people don’t wake up and demand change, and by that I am not parroting Obama’s campaign slogan, I mean real change. If we go back to sleep, the status quo will remain in effect. Only the people can change things for the better. The millions who called or wrote killed the bailout bill. Nothing else did it, only the rage of the people. The same thing happened with the Amnesty Bill last year. It also was sailing through until the people spoke. We do have the power. We can come together and put pressure on them whether we are Democrats, Republicans, Independents or other political persuasion. What I am asking for transcends your political persuasion. Give it a try. Be part of the solution. Don’t just sit at home crying, “Woe is me”.

Jack B. Walters
3961 N. Hillwood Circle
Tucson, AZ 85750
(520) 722-2958
September 30, 2008

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