Orgy of greed adds to storm
Several articles in the Sept. 26 Post addressed an issue that underlies our current economic crisis.
While there are many factors in this “perfect storm” of an economic crisis, the behavior of corporations that allow a select few executives to siphon off corporate resources in an orgy of greed has been unaddressed. Everyone affected by this economic meltdown should be outraged at the way the corporate culture has condoned and even encouraged the cannibalization of our economy by the corporate elite.
No corporate executive can justify his salary based on skill and competence, considering the failure of these corporations. Neither can they justify it based on the level of responsibility when compared to the president’s responsibilities and salary. Federal government executives who manage national programs with budgets in billions of dollars that affect millions of people have their compensation package capped at the salaries of Congress. The financial industry executives cited in the Post are a clear indicator of the “wonderland” mentality of their boards. How can such salaries be justified when the judgments, competence, and sagacity of these corporate moguls is so badly flawed that we taxpayers are faced with an economic Armageddon that forces taxpayers to dig deep to bail the entire financial industry out?
The salaries of executives of any firm rescued by the taxpayer should be capped by the same formula that caps the salaries of federal executives. Salaries that exceed that amount should be heavily taxed with no offsets in order to return those undeserved assets to the treasury. This should be retroactive at least two years to account for the failed judgment and lack of competence that incubated this economic crisis. In addition the paid members of the boards of directors, who authorized these outrageous salaries, should have their compensation packages taxed to return money to the treasury.ó Richard D. Sorensen
Salisbury

Socialistic left made this mess
The Community Reinvest-ment Act was enacted in 1977 by the hardcore left during the Carter administration to force lenders to meet the credit needs of low- and moderate-income neighborhoods despite opposition from the mainstream banking community. Banks were forced to give loans regardless of the borrower’s ability to pay. In 1995, President Clinton strengthened this act, and CRA loans increased by 39 percent between 1993 and 1998. In 2003, the Bush administration recommended what the N.Y. Times called “the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago” to allow government supervision of Fannie Mae and Freddie Mac under a new agency created within the Treasury Department. Rep. Barney Frank (D-Mass.) claimed of the thrifts, “These two entities ó Fannie Mae and Freddie Mac ó are not facing any kind of financial crisis. The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.” Rep. Mel Watt (D-NC) added, “I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing.”
So how are those two entities doing today? Again in 2005 Bush attempted to overhaul a failing system but was opposed by the left. A primary reason that Bush was overruled in tightening CRA regulation was racial inequities in mortgage acceptance rates. Economics professor Stan Liebowitz writes that banks were forced to loan to uncreditworthy consumers with “no verification of income or assets; little consideration of the applicant’s ability to make payments; no down payment.”
The mortgage issues we face today lie squarely on the shoulders of the left-wing socialists and their attempt to force social equality by meddling in the markets.
Josh Steedley
Landis
More plaudits for Knox Middle
We would like to echo Melissa Wright’s Sept. 23 comments about the “extreme makeover” at Knox Middle School and give credit to the new administrators who have set high standards and implemented necessary changes to bring a new vision of success to Knox.
As the parents of a Knox eighth grader and two children attending the University of North Carolina who graduated from Knox Middle in 2001 and 2004, we have witnessed more changes toward improvement in the short four weeks that school has been in session than over the past 10 years. We commend the Rowan-Salisbury School System and the School Board for supporting the new administration at Knox. We ask that you continue to embrace, encourage and support their vision and determination to help Knox Middle School achieve excellence in academics, athletics and, most of all, regain the pride Knox so deserves. We want to thank Mr. MoragneEL, Mr. Snider and Mrs. Wolfe for their tireless efforts, their infectious smiles, their outstanding leadership and their positive outlook for the students and staff at Knox for this year, and the years to come.
The “extreme makeover” for improvement is not due to a brand new school building at a new location, costing RSSS and the citizens of Rowan County millions of dollars. This extreme makeover is not because of new classrooms, new lockers or a new cafeteria. The Knox campus is still the same, with buildings that need some TLC, equipment that needs updating and athletic facilities showing their age. We may need a new school building for Knox one day, but for now the school system and the community should be proud of the positive changes taking place at Knox and do whatever it takes to embrace and support Knox. The “extreme makeover” toward a great Knox Middle School is happening right now.
ó Cliff and Amy Ritchie
Salisbury
On right path for success
Regarding Melissa Wright’s Sept. 23 letter to the editor about Knox Middle School:
I visited the school on Sept. 25, and I strongly agree with her. I can tell that the administration, teachers and staff members have tried very hard to make the learning environment better for the students. The noise and movement are not as loud as they were in the past, and yes, there seems to be more accountability.
As I walked through my child’s academy, there was an administrator standing in the center of the hall watching the students as they changed classes, and the teachers were standing by their doors doing the same thing. My child has homework Monday-Thursday night, and I feel more involved. I know my son can be a handful sometimes, but his teachers have called me in both good and bad times. They have not just notified me when he misbehaves. It seems as if my son’s teachers are really interested in his success. My husband and I really appreciate it.
My son complains about the rules at school sometimes, but I have explained to him that in life there are rules, and we have to follow them. With the support of all parents, I believe great things will happen at Knox. I want to encourage the Knox Middle School staff to remain focused and stick together. With the passion, care, and concern you have for my son and the other students, you will be successful.
ó Sarah Billingslea
Salisbury