Don't overlook the role of credit cards in the collapse of economy

In no way do I mean to suggest we lessen the culpability of the criminal loan sharks - er - bankers and investors, who triggered the collapse of our economy. However, there is an underlying cause being overlooked, the biggest boondoggle ever perpetuated on the public: the credit card, an instrument clearly designed to encourage the holder to "buy now, pay later."

Nothing else has ever been so over sold as the credit card. We are bombarded with incentives to spend, not save. Vast numbers of people "Can't live without it." An industry has even been created to keep track of "credit ratings." People are sued for damaging another's rating. Debt is no longer shameful, but expected. People owe thousands.

I would wager a large sum that the mortgage failures today originated as card holders, living way beyond their means, ran up huge debt, and refinanced their homes to pay it off. (Those pesky sub prime loans). We need to strengthen the regulations and reserves in lending; stop the "bundling" and reselling of debt. Above all, we must do something really to teach the public to live within its means, even to save.

P.M. deLaubenfels

Corvallis

We've become a society that doesn't accept consequences

Should a democratic society collectively assume the consequences for an individual's bad decisions? For example, the 1996 revision of U.S. federal security laws exempted "sophisticated private investors" from "the detailed regulation and oversight demanded of traditional investment houses." Most of the 9,000 hedge funds adopted the "private investor format" and made massive profits (Hanlon, 2002). They bought oil futures that drove up prices at the pump; they bought companies using leveraged funds and stripped them of assets, as well as numerous other high risk activities. Naturally, every brokerage firm began to offer these high yield opportunities and most of the trillions being spent for "Bailouts" are required because these "sophisticated investors" gambled and lost.

Fund managers were awarded bonuses based on yield and what higher yield could you possible get than in unregulated, highly leveraged offshore hedge funds that didn't have to report to investors? For example, Bernie Madoff's investors thought he was running a hedge fund, but it was just a Ponzi Scheme where the investors were fleeced instead of the public.

CEO's who think society (taxpayers) should pay their bonuses are not unique. We have become a society where individuals believe they should suffer no consequences for either their actions or behaviors. You smoke and get cancer, society should pick up the tab. You buy a house you can't afford by lying about your income, don't worry, there is help. That is the beauty of removing individual consequences; we can just pass the cost to the future generations.

Robert Nelson

North Albany

Social Security should step away from insurance business

Why doesn't Social Security butt out of the insurance business and just send me the checks that I've worked a lifetime for? I'd like my $96.40 a month premium to spend on myself. Let me find my own way. If I screw up, I won't be any worse off than if I continue with them. Check it out! Our health care system sucks big time.

In September 1999, having both plan A (hospital) and plan B (80 percent of doctors), I was told there was 'no room' at the local hospital, and I ended up in a charity hospital in Eugene. How bad then did I need either plan A or B? Has anyone ever told you when you sign up for plan B you will notice:

• Increased doctor visits

• Increased blood tests

• Increased urine tests

You can't help but wonder about this, like what's going on? Save all of your receipts if you want any clout against the system. If you lose one, don't count on your local bank to help you out. They don't save their records forever. I am beyond disgusted.

Laura L. Hales

Corvallis

Consider the full concept of what sustainability signifies

Businesses, individuals and organizations often use the word sustainability. Before accepting the word, we need to contemplate what the concept of sustainability actually signifies. First, consider a common definition of sustainability: consumption at a rate that does not compromise the ability of future generations to meet their needs. At least three problematic assumptions inhere in this definition:

• That we can foresee the challenges that future generations will face;

• That we can comprehend the complex interrelationships of nature, and therefore can comprehend the ecological implications of our consumption;

• That sustainability reasonably includes making calculation of the maximum consumption that ecological systems can withstand long-term.

The aforementioned three points demonstrate that sustainability assumes human knowledge is sufficient. However, "our knowledge of the world instructs us first of all that the world is greater than our knowledge of it." (Wendell Berry, 'People, Land and Community'). Contrary to our hubris and self-deception, we cannot comprehend nature. Hence these assumptions undermine the integrity of sustainability.

Maximizing consumption is the antithesis of prudently caring for life. Ideally, sustainability minimizes consumption in order to maximize the resources for an unknown and unknowable future. Explicitly stating a goal of minimized consumption would make the concept of sustainability more tenable. The concept of sustainability should ultimately be rooted in frugality and humility.

William Hormann

Corvallis