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Feds Should Oversee Markets

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The Tampa Tribune

Published: November 20, 2008

Re: "Few Would Have Believed Roof Could Fall In" (Our Opinion, Nov. 1):

Congratulations on at least having made the attempt to warn people not to extend themselves too much in the real estate bubble. Having lived through similar bubbles long ago, I saw this coming early, but felt like a Cassandra when nobody would listen.

Then, I was not aware of the extent of the problem wrought by credit default swaps. But it seems incredible that CEOs of the major investment houses weren't aware of the dangers associated with these instruments.

When you're pulling huge bonuses based on the flood of premiums coming in, it's probably easy to convince yourself that everything will go well. And if it doesn't, you can just take your pile and retire to the Hamptons.

This is why we need government oversight of the financial markets. Right-wingers say that it won't work to have $150,000 per year bureaucrats go head-to-head with Wall Street tycoons. But I'm optimistic enough to believe that in this great country of ours, we can find a handful of people who are honest, selfless, and smart enough to keep their fingers on the financial and economic pulse of the nation.

The military has West Point, Annapolis and the Air Force Academy to train their staffs. Perhaps we should establish similar federal service universities to train those who can provide guidance on financial, economic and health matters for our elected officials.

YOLANDE KERSEY

Tampa

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