Dear Members of Congress,
I recently e-mailed some of you to express my disgust with the Bail Out Bill being considered by Congress. I appreciate the fact that you responded to my outrage and gave me your reasons why we need this $700B Bill passed and I think I understand where you are coming from.
My concerns still remain. I know that something needs to be done but I don't have ANY confidence that this $700B Bailout will help rather than hurt in the long run.
What might make me feel better about this Bill is if I could get some assurance from Banking Chairman Barney Franks and Secy Paulson that they really understand WHAT happened and WHY it happened and to own up to their lack of judgement and assure us WHY this Bailout won't lead to a similar or worse financial crisis.
The Senate is scheduled to vote on this tonight and the House scheduled to vote on this tomorrow.. Is there any possibility that we could get Secy. Paulson and Rep. Franks to make a statement before this happens? Can they explain to the American people what they did wrong that allowed us to get into this mess, and HOW and WHY this Bill will make things better, not only for the short term, but the long term as well?
I believe that it's "fess up" time for Rep. Franks and Secy. Paulson. They need to assure the American people that THEY know why this crisis happened and that THEY know HOW and WHY that this $700B of taxpayer money will fix it, and fix it for good.
Thanks for listening.
Preston Osborne
Cherry Valley, CA
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10 comments:
Great letter !
An Island of SANITY in California... wow!
A "Fess Up Time" for Barney Franks would have to include PRISON TIME as his fingerprints are all over this "problem."
Great letter, keep it up!
I hear ya!
People just can't get their heads around this. I tell them to remember the bank run scene in "It's a wonderful life" and how George explains the evil Potter's position. Potter looks like he's trying to help people, but in George Bailey's words "Don't you see what's happening? Potter isn't selling, Potter's buying! Why? Because we're panicky and he's not."
here's a youtube link to that whole scene.
http://www.youtube.com/watch?v=MJJN9qwhkkE
Now if you replace Potter with a behemoth the size of the US govt you can see the infinitely more dangerous situation everyone wants to jump into with this bailout. Going with Potter in this scene would be far favorable to going with the Gov't bailout plan.
Another thing Congress might be told to do with just as much effectiveness as the bailout (and less of a power grab!) would be to print more money.
This bailout is like a person bailing himself out of bankruptcy with a personal loan to himself. In the end, the same thing happens but worse
Thanks, David. I thought you might approve. :-)
Dad
george, Thank you. Yes, we do have pockets of "sanity" even in California. We're not all San Francisco liberals.. :-)
terriegal, Thank you. I appreciate the encouragement. It's interesting that you brought up the "It's A Wonderful Life" movie. It is an interesting analogy...
The movie ended well for the good guys.. We always like to see that..
I hate to think how the Bailout Scheme is going to end.. Allowing the "free market" to make the necessary adjustments is always the best way, even though it may be temporarily painful. Otherwise we're heading further and further into Socialism.
Preston
terriegal, Yes, "printing more money" is really what this amounts to, only with a whole lot of catches to it...
Preston
David, I agree with you, obviously. This Bailout is a bad thing in my view. All that it will do is encourage the same old bad decisions made by both lenders and borrowers.
It is also creating more debt for my children, grandchildren, and great-grandchildren to pay off... Which may, in the longrun, may make America's financial problems now, look like the "good old days"..
Dad
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