It looks like you're using an Ad Blocker.

Please white-list or disable AboveTopSecret.com in your ad-blocking tool.

Thank you.

 

Some features of ATS will be disabled while you continue to use an ad-blocker.

 

Plea to Congress on Bailout Plan

page: 1
1

log in

join
share:

posted on Sep, 23 2008 @ 08:46 PM
link   
As we all know, our congress is looking at a potential bailout of the financial system. We also know this is unconstitutional and will likely destroy our economic system in the US should it pass. I have taken it upon myself to write a letter to my congressmen and in the nature of civic duty and concern for my fellow man, I am pasting the text of my letter for others to use in writing their congressmen, as well. It is our duty to do whatever is necessary to prevent this bill from passing, so I encourage everyone to use my letter verbatim, or as a guide in writing your own letter. I hope others here find this useful:

Rep. Kind,

The most "hot button" issue before the Congress today is the $700 billion bailout proposal from the President, Sec. of Treasury, and the FED Chairman. I urge you with all of my being to vote against this bill in any form. The repercussions for voting for this bill are broader and more far-reaching than you might imagine.

My rationale for urging you against this bill is the belief (which many share) that this is merely a half-hearted attempt to delay the inevitable destruction of the dollar and our way of life. Our system has one fundamental flaw, a fiat monetary system which allows for the creation of new money out of nothing and is controlled by the FED, and not the Congress as dictated in the Constitution (Article 1 Section 8; I believe you swore to uphold this document). This reality is the reason we all face the predicament that exists today. The creation of money from nothing devalues that which already exists...also known as inflation. This is compounded when we have interest rates that rest below the expected rate of inflation which leads to endless malinvestment as money is readily available to banks for virtually nothing. It is this flaw, and nothing else, that has brought us to this point.

The reason it is imperative to vote against this bailout is many-fold: First, the creation of $700 billion new dollars (far more than a trillion dollars once everyone’s pet projects get added to the tab) will compound the already speedy decline of the dollar by adding even more inflation than what currently exists, serving to further burden low and middle-income families. Second, this tab will be footed by the taxpayers who in many cases will then be foreclosed on by the banking institutions they pay to save with this bill. Third, this bill will effectively subsidize many banking institutions...I would expect this in communist Russia not the USA. Lastly (and perhaps more importantly), this bill has wording that will set an unbelievably dangerous precedent as it relates to the power of the President and those in his cabinet:

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

If you disagree with my ideology, beliefs on the economic system and its current state, the role of the taxpayer in this bailout, that is more than reasonable. But, if you read that clause and still feel this bill is a necessary objective to saving this economy, you will effectively place a vote for authoritarian rule reminiscent of Nazi Germany or the Soviet Union. I sincerely hope that you are prepared to make that vote, because I could not live with it.




new topics
 
1

log in

join