I’ve called several senators on Mish’s list, called Barbara Boxer’s San Francisco office (couldn’t get through to D.C.) and just bulked e-mailed this letter (addresses from Mish’s site):
Dear Senator:
As a middle class, middle income taxpayer I am e-mailing you to urge you to filibuster the housing bailout proposal in its current form. I have read and researched extensively on the housing debacle and bubble and believe the consequences of ill thought out policy decisions, bad business practices, and outright fraud by industry insiders are coming to fruition. The boom that began in early 2000 was unsustainable as it was predicated by a combination of factors that would lead to great financial chaos and upheaval. For 2 years I have educated myself and friends as to the causes and consequences of the last several years of excess. Now I also see the general public is finally beginning to understand the seriousness of the situation.
If I, an average taxpayer, saw this coming, surely Mr. Bernanke and Mr. Paulson, with their Ivy League credentials and brilliant career achievements, were very aware of the situation. They would have you believe that they were unaware of the severity of the crisis until recently and now must desperately cram through legislation within 14 days to prevent a global financial meltdown. I do not believe that. They absolutely knew, as did the banks, brokerage houses, hedge funds, foreign governments, and financiers.
Mr. Paulson and Mr. Bernanke want the U.S. taxpayer to assume the liabilities without an examination of the value of the same. I can only liken this to purchasing a business without an audit. Would you purchase a business for $500,000 just because the seller told you the equipment alone was worth $500,000, without personally inspecting the equipment, having a mechanic check out the engines, and getting a business appraisal? Why do I have the suspicion that Mr. Paulson and Mr. Bernanke are railroading this bailout plan through so that we don’t have time to appraise the loans and because we might discover the loans the banks will offload are worth 20 cents on the dollar?
The bailout plan as written will dump untold billions of worthless loans on the taxpayers, resulting in increased taxes and impacting the future generations. Meanwhile, the industry executives that encouraged the bad business practices will keep their bonuses and walk away worth millions to billions.
The bailout plan will also give Mr. Paulson unlimited power, in effect making him accountable to no one for his decisions. I don not believe a committee of one should control the financial destiny of the USA.
Sincerely,
TemekuT
Average US Taxpayer
Maybe if we reach critical mass on our communication attempts those that sit in Congress will pay attention.
