Topic: National Debt
Dear Congress, No More Bailouts! What follows is the letter that Congress receives and ignores.by Bob Nightingale
(libertarian)
Thursday, November 13, 2008
To the Honorable Madams and Sirs of either House of Congress,
I am writing this open letter to implore you to reverse this hazardous course, one last time. You have ignored the voice of the people, who have called and emailed your offices. In September, most of us asked you not to vote for these bailouts ([link edited for length]). The House of Representatives had the temporary will to block the original bill, but failed to keep its resolve when the larger version from the Senate reanimated a week later. For those of you who changed your vote, I hope you got your price.
I expect that President Bush will ask for the second half of the $700 Billion package, in order to complete the rescue of the financial industry. We were led to believe that is the money would go to homeowners in the form of mortgage relief or new loans. Instead the Treasury Secretary changed his mind, and used it to keep failing banks afloat ([link edited for length]).
The American Taxpayer has no faith that the money will be spent in an open manner. The Bloomberg News ([link edited for length]) organization is in the process of suing the Federal Reserve to get the names of the banks that have already accepted an estimated $2 trillion in loans.
AIG's original $85 billion government loan in now being refinanced into a new $150 billion package ([link edited for length]).
The Big Three automakers are asking for up to $50 billion to keep going ([link edited for length]). Nash, Hudson, Packard, Studebaker, Stutz, Willys, Kaiser, Reo and others have disappeared through merger and bankruptcy. Oh, well. The new plants being built in this country have the names Honda, Toyota and Volkswagen. U.S. car companies didn't retool in good times because the margins were great with big vehicles. I'm afraid to buy a half-priced Hummer because my job won't last longer than the payments. What guarantee that the taxpayer will get his money back this time, like with Chrysler in the 1980s? Kia and Hyundai already have the equivalent of "K-cars" in their showrooms.
We are getting sick of the refrain that these companies are "too big to fail." Please use the tools of bankruptcy to reorganize them into smaller companies, so that some may survive.
And lastly, taxpayers are done with Iraq. If after five years and $10 billion per month, you haven't won the war, when are you going to get it done? There is no money to stop the genocide in the Sudan or to invade Pakistan, even if you could get the support of the American people.
So before you attempt to deliver on your recent campaign promises of universal health care, universal pre-school, saving social security, rebuilding New Orleans, the middle-class tax cuts, and more stimulus spending, be honest with us. Tell us all, where is the money coming from?
The views expressed in this
article are those of Bob Nightingale only and do not represent
the views of Nolan Chart, LLC or its affiliates. Bob Nightingale is
solely responsible for the contents of this article and is not an
employee or otherwise affiliated with Nolan Chart, LLC in his/her role as a columnist.
If I may be so bold I would like to offer what I think are the likely responses from your congresscritters. First is the response they will actually send you;
Dear Bob thank you for your interest. blah blah blah. I will be sure to keep your views in mind in the future.
Sincerely
xxx
Next is what they really mean:
"Dear Bob we don't give a rat's butt what you want.We're in bed with the bankers and we're going to rob you blind in broad daylight. The American people are too dumb to realize what's happening. So rather than vote us out of office and prosecute us they'll vote for us over and over again.
Shove it
xxx"
And that is the sad state of affairs in America today.
Have you ever heard of someone banging their head on a BRICK WALL? Guess what? That's what you're advocating! Don't count ME as a supporter. I'd rather figure out ways to get some of that FREE MONEY that's going around than trying to UNSINK THE TITANIC!
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