Washington should listen to Main Street

Editor, Townsman:

It's time to bring the money home. There is a sense, a feeling in the air, that the other shoe is going to drop. Will the housing market revert to the doldrums, will the promise of new jobs be further delayed, will foreclosures continue to increase? Big banks get bailed out, give out lavish bonuses, and Americans continue to lose jobs and their homes. The promise of the stimulus program has gone unfulfilled for most Americans.

Washington needs to listen more to Main Street and less to Wall Street. We need to get back to work. We can repair bridges, build new roads and schools, and refurbish our National Parks. Do we need a few more billionaires or a few more million Americans who can raise their heads proudly, pay their bills, stay in their homes, save for the future, and have a new sense of hope and confidence?

I categorically reject the notion that some financial institutions are too big to fail. I see too many empty storefronts on Main Street, newspapers flooded with foreclosure notices, and the airwaves and the Internet spouting doom and gloom.

We should follow Paul Volker's recommendation to break up the big banks - remember the Trust Busters of the 1930s? If financial institutions are unwilling to lend funds to small businesses, to entrepreneurs with new ideas, and to families seeking to fulfill their dreams, then it's time for the Federal Reserve to take back the money and redirect it to public or non-governmental agencies whose mission is to support citizens and businesses who want to move forward. It's time to reassess the effectiveness of the private sector in navigating the worst economic downturn since the 1930s.

It's time to bring home the money.

John Zipeto

14 Canterbury St.