Financial legislation will weaken democracy

The United States House and Senate have passed legislation rolling back safeguards from previous legislation designed to prevent an economic meltdown like the world suffered in 2008. President Obama has promised to sign this bill, calling it a "compromise" - if such one-sided provisions can be called "compromise."

Once again, the possibility exists for financial institutions to commit egregious overreach and risky gambling with the financial markets, bringing our economy to its knees. Those institutions deemed "too big to fail" will again be bailed out with billions of taxpayer dollars.

Americans had hoped that Congress had made it safer for investments with Dodd-Frank and other legislation. They will now only once again see the loss of their hard-earned tax money and the declining value of their investment portfolios, including 401(k)s.

I have a suggestion for making this inevitable exercise in taxpayer largesse fairer. When Wall Street gets its money to ensure its survival, let's give an equal amount of money to Social Security, Medicare and the post office. All three of those institutions provide vital services to every American. Each is also grievously underfunded. Why should those with the most wealth take money from the rest of us, while leaving nothing in return?

I firmly believe that our nation is falling under the control of big money. Our democracy is being ground under the heels of those who give money to our "representatives." These donors actually write legislation that is then passed, often word for word. The recent legislation gutting banking regulations is just one more example of the way in which powerful, moneyed interests want control, with taxpayers assuming all the risk. This is truly socialism for the rich and pure, brutal capitalism for the rest of us.

Karen Wagner

Rolling Meadows