The bailout - why you should say no.21 Sep 2008
In case you’ve been in a cave for the last year, lots of large corporate banks are on shaky ground after years of making exremely risky loans/investments and reaping huge profits in the process. Now the people who helped create this huge mess tell us if we just give them one trillion dollars (that’s $10,000 per US household) they’ll make it all go away, oh and they won’t be answering to congress or the courts on how they decide to spend it. To read more about why you should be very angry about this bailout and calling your senators to demand they block and vote against the bill see these links..
This is the letter I sent to both of my senators.
I am writing you today about the legislation facing you this week to bail out the banking industry. This rushed legislation provides no accountability, and leaves the American people with an astronomically large debt. It is signing over one trillion dollars of taxpayer money to the people most directly responsible for causing this crisis in the first place!
There is existing market for these securities at a low - but fair - market value. What this bailout proposes is buying these securities at above market values, leaving the taxpayer on the hook for the difference.
To be honest this ‘you must act now’ (an the implicit statement that you don’t have time to think about other options) is something I expect from late night infomercials, not the people entrusted to secure our financial institutions.
I cannot, in good conscience, continue to vote for any member of congress who supports this piece of legislation.