Protest the banks... but for the right reason!

I was amused reading of the protest against Wells Fargo Bank and Bank of America (“,” March 9). There are many good reasons for protesting these behemoths of American usury. Think of all the people who lost their homes during the 2008 collapse while the banks got bailed out. Think of the exorbitant credit card interest rates and fees. Think of massive funding of parasitical hedge funds while small and medium sized businesses are starved for credit. The fact that there has been so little outrage over the massive bailout of the banks, through “Quantitative Easing” and other schemes of the Fed, is a bit puzzling.

But to protest the banks' investment in fossil fuels? That's actually a bit strange. As opposed to the parasitical stuff, this is one of the more productive things the banks are actually investing in! Like it or not, we all use products of fossil fuels. They have enormously improved human life over the past 120 years. Think of fertilizers, paint, fabrics, as well as cheap energy. Nothing to apologize for. And if the sea level goes up a bit, (primarily due to changes in astronomical events, by the way), we will be able to handle it.  If you want to protest the banks, it's not a bad idea. I would protest against the Fed carrying out another decade plus of bailouts, which is where we may be headed after the failure of Silicon Valley Bank.

Hunter Cobb, Member        Letter to Editor Published in Alameda Sun 3/12/2023