First of all, would it get me in any way into trouble (an unintended threat or something like that)? Printed out it is only 1 page, is it too long or any parts need deleted or elaborated on more? Any other advise? – any comments even constructive would be appreciated. Sorry but I X’ed out my salary for this online version it will be there for the real letters.
Dear……,

My wife and I have been renting a tiny 1 bedroom apartment in San Diego, CA for 5 years now, saving for a down payment and waiting for home prices to decrease enough to where we too could afford to purchase our own home. Home prices continue to be outrageously overpriced in San Diego. Believe it or not, even with a household income of more than $XXX,XXX, we cannot afford to buy anything even remotely attractive in San Diego. Well, we could have gotten one of those Alt-A, interest only, ARM, or negative amortization (yes, that one sounds like a good choice) mortgages to temporarily own for few years, only to be foreclosed upon by now. We chose to act responsibly and not contribute to the foreclosure problem; however, our reward has only been a measly 3 % interest rate on our savings and a government seemingly willing to do anything to keep house prices high.

What is the reward for banks and investment firms who acted irresponsibly? It appears that the Fed and Congress want to bail them out. Bear Sterns, Freddie Mack, Fannie May Indy Mac, Country Wide, all speculated that housing prices will increase infinitely. By the way it is actions of these same people (speculators/investors) as to why gasoline prices are too high. At least 50 % of the price of gasoline is due to speculation and has nothing to do with the true demand for oil. It blows my mind that just these few people were allowed to make the entire country poor so that they could get very, very rich. It also blows my mind that these people get rich then have the nerve to ask for taxpayers’ money when they are in financial trouble. Why are the Fed and Congress giving these irresponsible people money? Where do I sign up for something like this? I think Karl Denninger stated the situation perfectly, ”…the Fed likes the outcome because their ‘liquidity games’ allow their buddies to trade commodities and try to work their way out of the hole while you get the bill.”(http://market-ticker.denninger.net/).

What is the reward for borrowers who acted irresponsible in buying more house than they could ever realistically afford or investors/speculators looking to get rich quick? It appears that congress wishes to reward them too by using hundreds of billions of taxpayer money to pay for their irresponsibility. I wish someone could give me a single example of a person or family that was put out on the street and made homeless due to a foreclosure. They are better off renting right now anyway as it is at least 50 % cheaper than owning in San Diego.

What has happened to the Democratic Party? What happened to looking out for the hard working middle class? I cannot believe it when I hear a Democratic politician say that the bail out is necessary for if we do nothing then house prices will continue to decrease. Home prices need to come down in San Diego, way down. If not people like my wife and I will never own a home. Not only will I not support a candidate who gives money to irresponsible banks and borrowers but if the Fed and Congress continue to give billions to these irresponsible people I will never vote ever again as it tells me that the system no longer depends on the power of the people’s vote but instead depends on the power of lobbyist’s wallet.