Online only-Letters

WaMu failure

Stockholders are doomed

So Seattle-staple Washington Mutual is gone and the stockholders will get nothing ["End of WaMu," Times, page one, Sept. 27]. I can only hope that every penny of former CEO Kerry Killinger's entire $23,000,000 severance package was paid in WaMu stock so that he'll be feeling the pinch, just like the rest of us.

— Carol Lake, Kirkland

Financial Crisis

Here's a solution

I would like to recommend a solution to the current financial crisis:

The government should not give the banks money. Banks should support the homeowner instead.

The government should provide an option to homeowners to sell their houses to the government. This will be available to buyers who have purchased their home within the last five years. The government would take over ownership by paying off the loan at "current loan value" — not "market value."

The owner would lose all equity while the government would rent the house to the current resident under an interest-only payment on the loan value refinanced to about 30 years plus escrow.

Let's say the interest on this loan is 2 percent. The bank, in turn, would oversee the receipt of rent pro bono. The government would clear bad loans from the books of the participating banks while receiving interest as owner of the loan.

The renter would then have the first chance to buy the loan from the government by seeking financing of a loan to purchase the property at "market value" or "current loan value" (whichever is greater) at a future date when they are again on solid financial footing.

— Lynn Arnold, Seattle

It's all about the mortgages

The big panic on Wall Street has been caused primarily by the failures in the mortgage market. There are currently 1.2 million homes in foreclosure in the U.S. If we gave every homeowner facing foreclosure $100,000 to help make payments, it would cost $120 billion — much less than the $700 billion bailout proposal.

It would be cheaper to provide assistance to the people at the bottom end of the problem, wouldn't it? Maybe it would be better to assist homeowners with mortgage payments until they can refinance or sell.

Wouldn't that help turn all of this "bad paper" into "good paper"?

— Jim Peterson, Granite Falls

The economy is more important

Our taxpayer dollars are paying the salary of each and every member of Congress. Their job is to be in Washington, D.C., doing what they are paid to do, especially during a time of crisis ["Candidates locked in debate over debate," page one, Sept. 25]. As senators, both McCain and Obama have that responsibility to return to Congress and work the problem.

This is not a question of handling more than one situation at a time; it is the necessity to have the intelligence to prioritize situations and act for the good of this country.

A debate is self-serving and can be rescheduled. The fact that the Debate Commission won't reschedule makes a statement about their inflexibility.

We are not talking about rescheduling so candidates can take a vacation, we are talking about the economy of the United States!

Get to work Congress and spend my money responsibly.

— Roberta Tarr, Clinton

Sarah Palin

Not quite the reformer

I am an Alaskan supporting Sen. Barack Obama and Sen. Joseph Biden.

At this critical time in our history, we need responsible leadership that will stabilize our economy, commit to a smarter energy policy that will create jobs and bring ethics and honesty back to our government.

I wish Alaska Gov. Sarah Palin was "the reformer" she purports to be. In the last election she opposed the citizen initiatives for clean elections, clean water and the banning of aerial hunting of wolves, bears and wolverines.

McCain made a reckless choice which does not bode well for how he would govern in the future.

— Kathleen Menke, Haines, Alaska

Pink tent city

Practice what you preach, Mayor Nickels

Maybe "Seattle doesn't deserve this pink tent city" [editorial, Sept. 24] but didn't the city propose to end homelessness in 10 years?

Even though the city has dedicated considerable funds to address homelessness, the 10-year goal hasn't been achieved.

Mayor Greg Nickels expresses bad faith when ordering homeless sweeps. They clean out the homeless from their encampments like garbage and destroy their belongings.

The mayor has recently proposed $9 million to help our troubled youth extricate themselves from gangs and violence. He has also eliminated the tax on musicians performing at venues in the city to enhance city night life.

Instead of throwing the "bums" out of their tents, maybe the mayor should secure the empty site at 7115 West Marginal Way S.W.

He should advocate for them to stay at "Nickelsville" until he has completed the 10-year plan to end homelessness.

— Patrick Burns, Seattle

HOV lanes

Don't open them up

For every significant problem there is a solution that is uncomplicated, easy to explain and — wrong.

As it was with iceboxes a hundred years ago; it is with highways today. When households stored perishables in iceboxes, the dreaded chore was emptying the broad, shallow tray that caught the water after the 35-pound block of ice melted. Various schemes were tried for slowing the melting, so that the emptying would have to be done less often. What was not understood was that it was not the presence of the ice that kept the food cold ... it was the melting of the ice.

Today it is frustration with highway travel that brings forth various schemes, most recently opening of HOV lanes to all vehicles ["I-985 author Tim Eyman warns DOT: 'You better prepare' to open up carpool lanes," news, Sept. 24].

Just as retarding the melting of ice reduced the efficiency of the icebox, opening up the HOV lanes would reduce the efficiency of the highway system. Today it is the dynamics of highway traffic that is not understood.

— Al Rasmussen, Seattle

Benaroya Hall

Deserves more thanks

What a lovely celebratory story on the 10th anniversary of Benaroya Hall. ["Happy birthday, Benaroya," NWArts&Life, Sept. 7]. Benaroya owes its birth to many people — only some of whom were included in Tom Keogh's story.

He failed to mention the hard work of the entire staff who helped raise many millions of dollars. He also forgot about the great work of the board and the two chairs during the campaign: Jean Gardner and Dorothy Fluke.

Most of all I was mystified by the lack of mention for Deborah R. Card, Benaroya's former executive director, whose hard work and persistence allowed the hall to be completed for so many to enjoy.

— Sean G. Griffin, Seattle

Battle in Seattle

Right for the times

After reading John Hartl's movie review of ["Battle in Seattle": looking back at 1999 and taking sides," NWArts&Life, Sept. 18th] I decided to watch the movie and see what this film was all about.

Since I was only 9 years old during the riots I never fully understood what the World Trade Organization was. After watching the film I was amazed by the immense negative criticism and outcry one organization could have brought against itself.

Hartl said it best when "Battle in Seattle" director, Stuart Townsend, portrays the WTO, "as the kind of resource-gobbling corporate beast." The release of this film comes at an interesting time with our nation's ongoing economic downfall. With the federal government bailing out one major financial corporation at a time, it'll be American citizens who bare the financial burden in the end.

Just as "Battle in Seattle" tries to point out nondemocratic governmental actions by organizations like WTO, our current administration has strayed repeatedly from the democratic foundation on which our country was built.

— Trevor William Olson, Seattle