Financial industry caused this collapse

It's my opinion that one industry has most influenced the near collapse of the American system.

It monopolizes, manipulates and controls real estate, transportation, savings, financial planning, retirement, businesses - all of the critical components of our society.

For centuries, and with the blessings of ineffective and window-dressing government regulations, it has developed, administered and freely modified credit and lending programs that create and deepen the economic turmoil of the American people.

It recently orchestrated and benefited from conditions where the public couldn't live within their demanding credit terms. Anticipating that borrowers couldn't fill its coffers, it cried to the government, demanded immediate, low interest loans to fill its pockets for the short term while, in turn, initiating corporate bankruptcies (benefiting from regulations for being the first to recover outstanding debt) and home foreclosures.

Then, making the empty, yet grand spectacle of returning the loans to the government, it assumed ownership of the newly foreclosed properties, businesses and personal property to resell its booty at a higher interest rate.

It has benefited from the fears they created for a cautious public that is now forced to spend less and sell any available property to quickly replenish bank accounts that they feel will protect them from any future crashes.

The barons of the banking industry are members of a gluttonous, self-serving and legitimized criminal organization. Until the president and our elected leaders can truly control this corrupt industry, the American people will be forced to stuff the fatted cow right into an irreversible economical collapse.

And a potential scenario beyond that collapse? Consider a clan descent, prearranged transfer of what's left of the American financial system to our greatest creditor - the Chinese.

John K. Nolan

Mount Prospect