Thanks CArenter for the link; I am composing a letter to them and hope our voices are heard…Here’s my draft…not quite finished yet.
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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.
As I would be representative of a fiscally responsible voter, I am asking you to review the following;
-Do not be pressured into signing a bill that threatens to haphazardly and without oversight spend 700 to 1 trillion dollars of taxpayer money. When this much money is at stake, this is exactly when we expect Congress to make educated, unbiased, and bipartisan decisions; no matter how long that takes.
-With that said, inaction is not an option. I would expect a bipartisan agreement that is fair and equatable and is not for the few wealthy constituents, but for the majority. An agreement that is not shortsighted but for the long term health of our country and economy. Being directed by Wall Street is VERY shortsighted.
-Do not continue to support inflationary measures and actions to artificially prop up pricing. Eventually all economies have cycles and this is no exception. We cannot continue to manipulate markets otherwise the downward cycle is much worse (i.e. the current conditions now).
-I expect the Financial Bailout bill to include provisions for major overhaul/restrictions to the regulations of the mortgage industry and Wall Street’s derivative markets.
-I expect this bill to include means and ways in which we can investigate the banks, brokerage houses, executives, brokers, appraisers, and agents that made millions from their illegal and fraudulant actions over the past 10 years. This bill should include ability to seize assets from such criminals and use these assets to help payback the taxpayer money spent.
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?
