posted on Sep, 24 2008 @ 05:01 PM
Today, I found myself in a position that I should write to my Senators and Rep with respect to this bailout.
I'm going to post what I sent them here, and ask that you guys give me some feedback. Right? Wrong? Good? Bad? Is it meaningful in any way do you
I really value each of your opinions and would like to hear back!
With respect to the current Economic crisis, I would like to weigh in with the following:
I wholly do NOT support the current "bailout" without some serious economic introspection, and a defined set of resolutions.
For one, as soon as Wall Street has the $700 billion, and they can "relax", our Government has suddenly lost its leverage to enforce any type of
meaningful change within the financial system. Once business as usual returns in Washington and the lobbyists writing their own governing laws. I
mean, seriously, how is it that derivatives were exempt from regulation in the first place?
Secondly, Secretary Paulson is demanding that our COURTS waive all authoritative right to review any decisions made by the Treasury during this time?
Are you kidding me? When Any of the Wall Street CEO's can lie to the TREASURY by inflating the prices of their holdings, fraudulently misrepresent
what the taxpayers are buying, then have the Treasury "look the other way" in an effort to stabilize the markets?! This should NEVER be acceptable
by ANY means!
To have the same drivers in the drivers seat that caused this accident? Last week AIG sent 2 letters to the SEC taking contradictory positions on
whether or not the taxpayers would get equity in the company and whether the 85 billion dollar LOAN required approval from the company's
shareholders. If this can be the level of detail that escapes the Treasury department AND the Fed on an $85 billion deal (crafted with MUCH haste) we
should entrust them with $700 Billion?! Surely we cant be serious! This CANNOT, I underscore CANNOT be done in haste. I am more than willing to take
my bumps and bruises within an economy that stutters built upon DUE DILIGENCE, as opposed to one built on sand!
Thank you for your Time and understanding,
One of my Senators here in NJ, Senator Bob Menendez was the last to receive this letter I sent.
I hope just this ONCE, someone reads.