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Question Romney will have to answer
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From LaVern Isely, Monroe

My Republican friends tell me Mitt Romney wasn't their first choice but they're still going to stay with him because he's a Republican. Their problem is though, even though he's rich and has a lot of money, how did he make it, which was in private equity? It's similar to exactly how a hedge fund dealer operates, which is betting on trends.

That's what took place in an article in the June 22 issue of The Monroe Times, "Bad Reports Dip Dow." "The outlook turned so bad that a Goldman Sachs analysts told clients to place bets against the stock market." "After the market closed, Moody's Investor Services lowered the ratings of 15 of the world's largest banks, including Bank of America, JPMorgan Chase and Goldman Sachs, saying their long-term prospects for profitability and growth were dimming."

You'll notice three of the biggest investment banks, JPMorgan Chase, Goldman Sachs and Bank of America, got bailed out by retiring President George W. Bush and incoming President Obama, with taxpayer money known as TARP. The problem is though, the banks really don't change their mode of operation at all, concerning the big banks known for their reputation of "too big to fail."

Their attitudes, particularly JPMorgan, are downright arrogant. When the Senate and House Banking Committees held hearings where Jamie Dimon testified, he still thought the banks didn't need any new regulations and in fact he thought he earned his huge salary and bonuses. One of JPMorgan's London traders lost possibly $9 billion that they can't explain where it went to because a lot of our big banks are investing into the European economy, like Greece, Italy and other European countries.

These practices got so bad and the unemployment grew so severe that Greece, which had a low suicide rate, went to one of the highest, which averaged one a day, according to the article "Europe's 'White Widows'" from the June 25, 2012 issue of Newsweek written by Barbie Latza Nadeau. Greece can't figure out how they're going to get their bills paid and it's the same for us.

This is exactly the same question Romney, who's in private equity, is going to have to answer in the coming months if he expects to become president. Warren Buffett, who's a hedge fund dealer, feels you have to raise income taxes on the top 1 percent to help our growing debt.