To the Editor:
Today’s 2008 Great Recession represents a replay of the “tactics of oppression” by ruling elites which also caused the 1930s Great Depression, both bringing widespread, prolonged loss of homes, jobs, businesses, savings and hope.
Extreme wealth/income inquality, Wall Street’s frenzied financial speculation and lax governmental oversight were central to both economic catastrophes.
The difference is that the 1930s financial collapse opened the way for numerous reforms long fought for by Americans, including labor union and other workers’ rights, Social Security, etc.
The Glass-Steagall Act, enacted to keep investment and banking operations separated to prevent another Great Depression, was ditched, leading to another financial speculation frenzy and the 2008 Great Recession.
While 1930s reforms triggered longstanding beneficial changes and curbed financial recklessness, today’s uncurbed, unremorseful moneybag elites continue grabbing for everything, including Americans’ rights.
They actively spearhead or support current attacks on democratic, worker and voter rights, including voter ID requirements, voter – registration drive barriers and illegal voter-roll purges.
To survive we need revitalization of America’s infrastructure (roads, bridges, schools, etc.), providing crucial employment and economic growth, like the 1930s “forgotten man” finally obtained.
It’s scary Americans remain “left in the lurch,” even as a presidential election approaches. — Donna Christianson, Little Falls