LETTER TO THE EDITOR: A response to Rep. McClintock
June 11, 2010
It is refreshing to see that Congressman McClintock actually does something for the six-figure salary he collects, he reads the Tahoe Tribune.
As far as his comments about my letter to the editor about financial reform, he misses the point.
He would rather rant and rave about government’s role in the auto industry bailout, the wasted billions in the stimulus and how it took over the health care industry. In fact, the government could actually make money on the auto industry bailout (the jury is still out), the stimulus (endorsed by most conservative economists) appears to be actually working and the health care bill was not a government takeover but a huge gift to the private health insurance industry modeled after Republican Mitt Romney’s program in Massachusetts (almost universal coverage, but not the most cost effective approach).
My point about financial reform was to put in place common sense reforms, like not allowing the ratings agencies like Moody’s and others to be paid to rate the financial products from the very same financial institutions.
This is akin to the auto manufacturers paying Consumer Reports to rate their autos, a basic conflict of interest. The congressman obviously has not lost a major portion of his income or retirement due to the seedy practices of the financial industry. Financial reform will not kill this industry: it will give it more credibility and allow it to grow because the public will have more trust in it.
I will repeat what I said, it is far too easy to pontificate about big government and do nothing legislatively to protect your constituents.
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Good smart legislation that serves and protects your constituents requires hard work and common sense pragmatic thinking, which apparently is something the congressman is unable or unwilling to do.
Ralph M. Sinibaldi
South Lake Tahoe