Letters to the editor: Nov 8 - East Valley Tribune: Opinion

Letters to the editor: Nov 8

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Posted: Saturday, November 8, 2008 7:24 pm | Updated: 8:59 pm, Fri Oct 7, 2011.

We encourage readers to submit letters to the editor on issues of interest to East Valley residents. Submissions should be no longer than 300 words, factually accurate and original thoughts of the writer. Please be brief and include name, address, city and phone number for verification. Letters and call-in comments may be edited for clarity and length.

Submit your letter to the editor

We encourage readers to submit letters to the editor on issues of interest to East Valley residents. Submissions should be no longer than 300 words, factually accurate and original thoughts of the writer. Please be brief and include name, address, city and phone number for verification. Letters and call-in comments may be edited for clarity and length.

Submit your letter to the editor

THE ECONOMY

Bank bailout doesn’t help taxpayers

I just finished reading that we are giving banks “re-capitalization” funds in exchange for non-voting stock.

True, that “stock” will require a dividend of 5 percent. Banks want also to keep themselves from being declared insolvent by changing the accounting rules so that assets do not have to be “marked-to-market.”

How can we investors determine the actual value of banks’ investments, or those of any business for that matter, if the businesses are allowed to pick any value they would like for their assets? Why should we expect from an insolvent bank that we would get our 5 percent dividend or any of our stock investment back from that institution?

As an example, I point out that the state of Arizona lost all of its savings and loan institutions except one in the 1990s. How can we expect different from banks that have made the same types of loans that the S&Ls made in the 1980s?

Further, without the pressure of voting stock for the taxpayers and a seat on the board of directors of the bank, how can we be sure that the capitalization funds that we are giving the banks will be used to make loans to businesses for the sake of payrolls or for inter-bank lending?

There are no such restrictions put on these funds that are in any way enforceable. It has been successful for the errant bank CEOs to use these funds to enrich themselves in other ways. Why should we expect different now? If they haven’t fleeced us taxpayers badly enough by now, we are going to give them another year or several years to do it right!

DAN SIRKS

MESA

OIL

Damage to ANWR would be extensive

A tall tale from big oil has been floating around the media recently. Their mission is to make destroying pristine wilderness sound reasonable. They tell us: “We’re only going to drill in 2,000 acres of the Arctic refuge — We swear!”

Just like 1,800 acres of Turnpike slices all across New Jersey, big oil’s “2,000 acres” will sprawl across 1.5 million acres of the Coastal Plain, some of the most sensitive land in the Arctic refuge. A network of drill sites, pipelines, roads, airstrips and other infrastructure will effectively destroy one of the most important wildlife sites in North America.

And all for what? A 4 cent drop per gallon of gas that we won’t even see for nearly 20 years.

Rep. Sherwood Boehlert, R-N.Y., said it best in 2003: “It is only a few thousand acres, they say. That is like saying, do not worry, the tumor is only in your lungs. The drilling will have impacts that will affect wildlife throughout the area.”

If we buy the myth, we’ll end up getting short-changed.

DENISE ROMESBURG

PHOENIX

Auto tax subsidy should include more drilling

The government has agreed to loan the auto companies up to $25 billion. One reason they state is to assist in their meeting the new mileage standards that have been set. I’m sure a portion of the money will go for research and development in an attempt to build greener cars, but a lot will also go to improve the gasoline engines they presently use.

What puzzles me is Congress does not want to drill for oil because it will not come on line for five to seven years. What do they think we will be using to power the internal combustion engines cars that the auto industry will build with the $25 billion?

PATRICK O’CONNELL

GILBERT

GILBERT OBSERVATORY

Boy Scout learns about the stars

I am from a local Boy Scout Troop and recently was fulfilling some requirements for an astronomy merit badge. To do so I needed to observe and draw some things in the night sky. Having been to the Gilbert Riparian Preserve behind the Southeast Regional Library before, I had noticed the observatory. I found out when it was open to the public and went there every weekend for a month. The volunteers there were awesome. They helped me fulfill the requirements and I learned even more about space and astronomy.

They had friendly and helpful attitudes. I would just like to take this opportunity to thank the East Valley Astronomy Club volunteers for helping me out, and to thank Gilbert for providing such a nice facility where the public can go and observe and learn more about the skies around us.

NATHAN MURRAY

GILBERT

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