They have come up with a "rescue" plan. Only it is the same "bailout" plan as before only they added things like more FDIC insurance to your bank account and tax breaks to "green" companies to create more jobs to try to give "Main Street" warm fuzzies so we would stop sending congress hate mail. And since they had a bit more time to consider this deal they added hundreds of pages of earmark provisions to make sure every Senator was compensated in some way for their vote.
Things like (I am not kidding!), "Puerto Rican and Virgin Island rum producers get $192 million so they can make more booze!" or Section 113, increased funding for black lung disability fund. click here for more
"Sen. Dianne Feinstein, from California went to the Senate floor to urge that the modified bailout be passed, despite receiving "more than 50,000 calls and letters, the great bulk of them in opposition to any form of meeting this crisis with financial help from the federal government." click here for full article
"Sen. Barbara Boxer, from California says without the bailout, California may not be able to borrow money to pay bills." click here for full article
Whether you agree with me or not it is time to stand up and tell your Congressperson what you think. This is a defining issue for my generation. This affects the stability and freedom for us and our children. I believe the government needs to take some kind of action to prevent the greed that has occurred. However, the market needs to correct itself and $700 billion in government bailouts funded up to 30% by the Chinese will not change that. It may delay or soften the landing but capitalism dictates there will always be corrections. It is what makes the system fair and balanced.
What do you think? It only takes a minute to either call the offices of your Congressperson or email them through their website. You can find out who represents you in 30 seconds by googling it and then have their contact info in another 30 seconds. I did this last week before they voted on the first bailout and my Congressman Kevin McCarthy listened to his constituents and voted no. I just finished emailing him again. You can see my email below. The House of Representatives will be voting on the plan tomorrow probably around noon eastern time.
"Congressman,
Please stick to your principles and do not vote for the new bailout (rescue) plan coming before you on Friday. This is still a horrible solution to a horrible predicament. Changing the name from bailout to rescue does not change the underlying flawed principles of the plan. Adding pages and pages of pork spending provisions and only nominal protection for taxpayers only meant to bolster short-term confidence are not a long-term solutions that will protect my family and my daughter's family into the future. Let investors take responsibility for their actions. I am upside down on my house by almost $100,000. However, I am willing to take responsibility for my investment by continuing to make my payments and to re-think my other investments. I am willing to do what it takes now to pay for the market correction. Giving incredible amounts of money to Wall Street and now every other imaginable industry only delays the correction and adds a lot to the tab we leave for the next generation. I don't want them to be slaves to national debt held by other countries. That is not freedom or capitalism. Please stand up for us and deny the passage of this new plan. Demand better solutions from our statesmen. We are America, land of the free and home of the brave. Give us the opportunity to prove that by not taking the easy way out. We will continue to watch your vote closely. Good luck and thank you for representing us."
Please stick to your principles and do not vote for the new bailout (rescue) plan coming before you on Friday. This is still a horrible solution to a horrible predicament. Changing the name from bailout to rescue does not change the underlying flawed principles of the plan. Adding pages and pages of pork spending provisions and only nominal protection for taxpayers only meant to bolster short-term confidence are not a long-term solutions that will protect my family and my daughter's family into the future. Let investors take responsibility for their actions. I am upside down on my house by almost $100,000. However, I am willing to take responsibility for my investment by continuing to make my payments and to re-think my other investments. I am willing to do what it takes now to pay for the market correction. Giving incredible amounts of money to Wall Street and now every other imaginable industry only delays the correction and adds a lot to the tab we leave for the next generation. I don't want them to be slaves to national debt held by other countries. That is not freedom or capitalism. Please stand up for us and deny the passage of this new plan. Demand better solutions from our statesmen. We are America, land of the free and home of the brave. Give us the opportunity to prove that by not taking the easy way out. We will continue to watch your vote closely. Good luck and thank you for representing us."
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