Let's see if I understand this ... People bought houses for far more than they were worth. Mortgage lenders gave them mortgages even though they could not afford them. The lenders sold the bum mortgages to financial institutions that packaged them for sale on the stock market. Then, when the people owing the mortgages could not pay, things went downhill fast. The stock market fell, the financial institutions collapsed and the federal government, using taxpayers' money, is trying to save the whole shebang. And the people who are responsible for all of this get away scot-free with the millions they made. This is some country!

HAROLD N. CARL
Center

When Wall Street's greedy manipulators mismanage their investors' hard-earned money, the administration wrings its hands and gives a financial pass to AIG, replenishing its coffers with billions of dollars. This may or may not be the right thing to do, since many of us do not know if this is a fair solution for the investors or the taxpayers.

However, we do know that the investors should not be punished. Are the "unregulated" officers and directors held responsible or accountable? Or is this another "Keating Five" deal where the investors and the taxpayers get taken and all is forgotten?

John McCain, the "deregulation" candidate involved in the Keating Five deal who dared to talk about the "disgrace" of Social Security, should have remembered his own involvement in the savings and loan debacle. Senior citizens have news for this candidate: Keep your hands off our Social Security; it is not an "entitlement," it is "earned income." We paid our taxes for it when we worked.

MARIE MALAGRECA
O'Hara

I find it interesting how the Post-Gazette decided to spin the "AIG bailout." Compare the following headlines: PG front-page headline "AIG Bailout Costs U.S. $85B" (Sept. 17) vs. USA Today headline "Fed to Lend Up to $85B to AIG."

The USA Today headline is factual. The Fed is lending up to $85 billion at an interest rate in excess of 11 percent for 24 months. The PG headline is misleading. The $85 billion is the maximum loan amount and there is no way of knowing whether AIG will actually borrow this much. In addition, taxpayers pay only if AIG defaults on the loan. If and when a default occurs, you can use your headline. Give us the facts, not propaganda.

WILLIAM J. FISHER
Regent Square

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