How has the crisis on Wall Street affected you? How might it affect you in the future?

Money became more valued than people

In the last seven years the very wealthy (top 5 percent) have done well while the incomes of the middle class have remained stagnant and the cost of basic necessities like fuel and food have climbed. This did not cause a serious problem since we dutifully used our credit to purchase goods and services we could no longer afford.

But, unlike the government, there is a limit to the credit individuals can access. When the middle class stops spending, who is there to buy?

We are currently spending billions a month on a needless war in Iraq. The cost in human life is priceless, but it also contributes to our financial crisis.

When we spend money on highways, schools and hospitals, much of it goes toward salaries of American workers, who spend it on goods and services — you get the picture. When we spend it on bullets and bombs, it's gone.

Our culture places a monetary value on everything. There are still teachers who love to see the minds of children grow and people in business who want to serve the community, but far too many of us only want to make money.

When making money becomes more important than the well-being of people, bad things happen.

— Gilbert Splett, Madison

Healing found when we humble ourselves

What really caused this mess? No respect for the hardworking middle class, and greed and dishonesty by Wall Street and our government.

They should read Second Chronicles 7:14. "If my people who are called, by my name, will humble themselves and pray and seek my face, and turn from their wicked ways, then I will hear from heaven, and forgive their sins and heal their land."

— Cliff and Joyce Pfister, Madison

Lazy politicians did not pay attention

This mess was caused by lazy politicians who weren't doing their jobs. They should have been passing legislation to stop business from moving to China and other cheap labor countries. Neither party has done anything to stop this.

The more jobs that leave this country, the less taxes we bring in. The only way to stop this is to vote independent. The two major parties proved they don't care about the American people. Vote for Ralph Nader.

— Tim Lovick, Madison

Both major parties at fault for mess

This crisis started many years ago, and both parties can share in the responsibility or blame.

Fannie Mae and Freddie Mac are mostly to blame for the recent financial crises, and both Democratic and Republican presidents have had a hand in changing how Fannie Mae was originally set up. Problems started in 1989 when, under President Ronald Reagan, they severed ties with the Federal Home Loan Banking system and created a board of directors

Then in 1999 the Gramm-Leach-Bliley (all Republicans) Act allowed commercial banks and investment banks to consolidate. This bill was signed by President Bill Clinton, a Democrat, though it was veto proof since the vote basically went along party lines in both the House and Senate.

These and other factors led to the current crises, and neither party paid enough attention to stop it from happening, even though they were warned by economists about what the changes might cost taxpayers.

And this bailout plan is short-sighted, which will probably help the big financial institution, but do nothing to help the U.S. taxpayers.

— Donald Moseley, Madison

Disgusted by added pork in bailout bill

I understand we needed a financial bailout or rescue, but would someone please tell me what wooden arrows and more for the wool and rum industries have to do with fixing our economy?

That must be the pork everyone wants to get rid of. How ludicrous. Those who had to have that before they'd change their votes ought to be ashamed. It's totally disgusting.

— Marilyn Simons, Linden

Time to admit it's class warfare

Most of us have figured out by now that the government is artificially propping up and bailing out unrestrained capitalism. The working class absorbs the losses while the fat cats reap the profits.

This selective style of capitalist-socialist economics is better defined as class warfare, but the majority of people do not realize it.

A good way to start fixing the system would be the raising of class consciousness. "Trickle down" is nothing more than fat cats at a banquet table feasting, while the masses crawl around lapping up the crumbs that fall to the floor.

— Abdiel Galindo, Madison

Stay united in face of bailout challenge

How do grass roots groups feel about our buy-outs? We are standing by our people. I see all this as a courageous act of confidence in people by President Bush.

His act allows people committed to honesty and truth to join together and become involved. May each do their part to correct errors. Such action will prove to taxpayers that our support was there at the right time.

Congress dilly-dallied for too many days but finally signed the greatest commitment any group could make for the taxpayers, who already had a big commitment. Henry Paulson and Bush provided leadership by suggesting taxpayers stand behind the bailout.

Helping one another through dollar sharing is what works when action is within the United States family. We are a united people — act united as never before. There is strength in being united.

— Miriam B. Huth, Markesan

Flat taxes, personal responsibility help

Forum columnist Nicholas J. Voegeli came up with the unusual insight that the local (municipal) "representatives we elected" believed that housing prices will keep increasing, resulting in improved tax collections for the municipalities. And "we all bought in" with "our herd mentality" to help out our municipalities!

Voegeli may be right at that. To avoid a repetition of this situation, municipalities should go in for a system of flat taxes.

Columnist Nick Tasler reminds us of the grim fact that governments have to do some tightrope walking between financial innovation and adequate regulation without dousing our creative energies. More and more regulation is not the answer, but our regulators should be capable of checkmating out-of-control corporate "greed" and plugging "loopholes" in lending laws.

It's difficult to agree with columnist Darian Ibrahim that lenders "are the only ones who could judge the creditworthiness of borrowers." What about the poor judgment of the individual homeowner who is supposed to know best their own financial solvency? Should they not own most of the responsibility?

Ibrahim was right on one point — "The U.S. no longer can afford to devote so much of its capital to financial innovation." Let's now move "towards true, value-producing innovations" such as "manufacturing" and "new biotechnologies" (as in Madison).

— Kangayam R. Rangaswamy, Waunakee

Government: Buy only 'made in USA'

When the president asked and received the $700 billion bailout, I cringed. How many of our politician went to financial classes? Do they even know how to balance their own check books?

Listening to their reasoning why we need this, I never heard the real reason Americans are losing their homes and personal finances. Our jobs are gone. They went to China, Mexico and elsewhere. It started with NAFTA and the WTO.

Here is the only way to stop this: Everything the government buys with taxpayers' money must be made in the USA, from U.S. Air Force plane refueling to shovels in small town America. Fine anyone trying to sell something to the government that's not made in the USA.

When something gets made in America, the money stays in America and creates jobs. When we buy from other countries, our money is gone.

— John McKay, Waterloo

2009 has makings of a very bad year

As a retired state of Wisconsin employee, the effect on my state pension will not be felt until May 2009. Watch out then, because the state only guarantees the initial payout amount to retirees, rather than the excellent earnings in the "core" fund. I retired at a much lower rate 22 years ago.

My diversified stock investments took a significant drop this past week and are still in trouble. The worst part of the crisis is that cash or money markets are paying a low earnings rate to responsible individual savers. These are the "left out" people. And my savings are losing purchasing power.

Another problem is that government statistics need to be reviewed for objectivity and truthfulness. Statistics are questionable as to government manipulation for government's purposes. Citizens need reasons to have confidence that the nation's financial system works.

So it looks like 2009, or before, will be very challenging.

— Bill West, Madison

Retirement won't come in near future

How has the crisis on Wall Street affected us? Even though we have Triple A rated investments in our IRAs and other investments, we have lost over $60,000 in value so far this year. It has not affected us concerning credit, as we have no need at this point to borrow. We bank at our local credit union and have not seen changes there.

Regarding the future, I will be 65 in April of next year and I've been collecting Social Security since age 62. My wife is 63 and still working full-time.

We don't know now if we can afford for her to retire or go part-time. Cobra insurance is expensive, even for one individual, and then there is the cost of Medicare supplement.

As a footnote, we had to have 20 percent cash or equity in property to purchase any home. Let's get those greedy lenders back to basics!

— James L. Rinden, Fort Atkinson

Ask Warren Buffett for his advice

Will our political leaders consult Warren Buffett of Berkshire Hathaway for advice? Seems to me that he is an untapped, valuable resource in this financial hurricane.

In a recent online interview he offered advice. He said the U.S. government should buy mortgage debt at market prices. He also said that corporate investors needed to put 20 percent of their own money into the buy-outs, using our taxpayer billions as loan money, thus insuring a vested interest.

His personal take on the economy is that there's lack of confidence and fear. That is one of the most crippling aspects today.

All of this comes from the richest man in our country, who employs only 19 people in his office. Rumor has it he drives a late model Pontiac, and lives in the same $200,000 Omaha, Neb., house he has had for many years. What an example to set!

But don't take it from me. Please, dear Leaders, ask him.

— Kelly Thompson-Frater, Madison

Future holds anger and disillusionment

The Wall Street crisis has affected me with anger I wish I did not have to deal with at this point in my life.

I'm retired after 32 years of teaching in Wisconsin, on a fixed income which is subject to change of late, not for something I did, but by government and financial institutions led by well-educated people who have gone astray.

Teachers and most middle class folks do not have much money, so they learn to save when they can and borrow only when they must, write checks or use credit cards that are backed properly, and do not buy what they cannot afford.

When I negotiated for teacher salaries, I discussed merit pay with people who had no idea what the criteria were or should be when evaluating a teacher. Merit seems to be much easier to identify in a failed or successful business, yet it is resisted when evaluating CEO performance.

The future only holds promise when past lessons are learned and remembered. I would have more hope if the differences between the two major political parties could be used towards change. Nothing I have seen for the last eight years causes me to believe and hope for the future.

— Ken Youra, Pardeeville

Try letting one party control government

While the head of the Democratic National Committee wants to abolish the Electoral College, a parliamentary form of government should be instituted to enhance our republic.

Republicans contolled the executive branch for 36 years during the period 1952 to 2008. Democrats controlled the House of Representatives for over 40 years, controlled the executive branch for 12 years. This tells me that partisan politics don't work anymore. Aside from voting all incumbents out of office, it's time to let whatever party run both branches of government.

Yes, the Constitution would have to be amended. But if given four to six years to run the government and problems such as Social Security, health care and education aren't fixed, vote the bums out of office. That's the only way the electorate can expect term limits to be realized.

Departing politicians should then be given an opportunity to pay COBRA insurance for 18 months and roll their retirement benefits into an independent IRA. My guess is that no politician would touch this suggestion with a 10-foot pole.

— John Wieber, Lake Mills

More borrowing won't fix anything

The government bailouts of mismanaged Fannie Mae and Freddie Mac were probably enough on their own to bankrupt the country. Any further investment of taxpayer dollars in the real estate market is throwing good money after bad.

Before U.S. Rep. Tammy Baldwin, D-Wis., signed the subsequent $700 billion bailout, little of which will help people in Wisconsin, the governor of California was already telling Congress he would need billions more by the end of the month.

Congress needs to stop pretending that Midwesterners of modest means can afford to pay off debts that our country's wealthiest citizens decline to pay. The bill for a generation of deficit spending by federal, state, corporate and consumer America has come due and the debt bubble is not going to be fixed by further borrowing.

A flat-rate national real estate tax is needed so wealthy and multiple homeowners can pay a proportionate share of their own bailout, and renters would not have to pay at all. The reinstatement of the inheritance tax is another necessary source of revenue.

Obama and McCain need to address the debt problem for what it is, or we will face a currency crisis next.

— Richard Jerrard, Cottage Grove

State not meant to control economy

The framers of the Constitution could scarcely have imagined that the government they created would take upon itself the management of our national economy. But for many years it has done precisely that.

The people who caused the crisis cannot fix it, but they can make it worse by panicking, hyperventilating and recklessly throwing tax dollars at the problem. Since this is all they can do, they are doing it.

Only the citizens of our country, acting as buyers and sellers in a free market, can, in time, rectify the problems. The only question is how much mayhem will occur before we rise to reclaim the national economy that belongs to us, not to the smart guys in Washington, D.C.

— Larry Sommers, Madison