Help me finalize my letter to my congressman/women;
I am writing to express my sincere hope that as my elected officials you will not feel strong armed into signing a bill this week. The financial bailout bill that proposes $700 billion is needed to help failing wall street institutions is nothing that should be taken lightly.
First I want to say, nobody takes the threat of a global recession lightly. I realize that my family’s well being will be effected as well. However, by continuing the bailouts that have begun, are we just delaying the inevitable? Do we keep devaluing our currency until it is worthless to the rest of the world? This is what could potentially happen with all this reckless spending. Giving the Treasury Dept. a ‘blank check’ with NO oversight is a reckless act. There are many avenues to moving the economy forward, and just looking at Bailing out Wall Street Companies and Executives is greatly unfair and unconstitutional.
I am an ethical, taxpaying, saving non-homeowner. As a Gen X-er I will tell you that most young families I know are priced out of homes just as they need stability for their young families. Now I am to be penalized for not taking on too much risk! The other profiteers from this plan will be others that have repeatedly and blatantly used the refinancing system to pull money out of their homes in order to sustain a lavish lifestyle. I am all for helping out homeowners that were unjustly taken advantage of by unscrupulous lending schemes. However to make a blanket statement that will write down loans on homes in foreclosure, don’t you think this will perpetuate and encourage more foreclosures? Why be an honest citizen anymore when you can simply go bankrupt/go into foreclosure and ask for hand outs?
___________________
anything else you guys would add?? I’m getting too tired to think straight!
Thanks!
