Bipartisanship is BAD! Improper Preparation on Your Part Does Not Constitute and Emergency on Mine! Stop the Bailout!

I mean I am about ready to move out of the country. Oh wait, I can't afford to, the US dollar keeps plummeting in value. We are being run by a bunch of complete total idiots. Fools! STUPID. STUPID.STUPID.CONGRESSIONAL CONTACT INFO AT BOTTOM OF POST

They say they have to RUSH to save the economy when people have stated unequivocably for YEARS that all this was going to happen.What's the rush? The RUSH is that everytime this administration RUSHES Congress into doing something, they win. Remember No Child Left Behind ( aka Throw EVERY CHILD UNDER A SCHOOL BUS) Or how about that Patriot Act or that open ended Iraq War Resolution? The Prescription Drug Plan? Oh yes the swift formation of Homeland Security. Has Congress EVER cranked out anything of quality in a rush?

We've been fighting for Social Security reform for well over 20 years yet these IDIOTS are going to pass the most massive piece of corporate WELFARE in the history of the country in less than 7 days? Give me a break. Honestly, let the market do whatever it is going to do. We'll cope, but what we may not survive is the TRILLIONS of dollars this is going to cost the American people. Don't believe that 700 billion figure. Remember the prescription drug bill. That ended up costing FAR more that they predicted. I've called all of my federal representatives and I am calling them again. No to the bailout! They didn't need my help when they were making millions or applying for $500,000 mortgages on a house worth $200,000 making $35,000 a year so they don't need my help now. Let the market do what it is designed to do...separate the wheat fro the chaff.

Here is a letter from leading economists against the bailout:

To the Speaker of the House of Representatives and the President pro tempore of the Senate:

As economists, we want to express to Congress our great concern for the plan proposed by Treasury Secretary Paulson to deal with the financial crisis. We are well aware of the difficulty of the current financial situation and we agree with the need for bold action to ensure that the financial system continues to function. We see three fatal pitfalls in the currently proposed plan:

1) Its fairness. The plan is a subsidy to investors at taxpayers’ expense. Investors who took risks to earn profits must also bear the losses. Not every business failure carries systemic risk. The government can ensure a well-functioning financial industry, able to make new loans to creditworthy borrowers, without bailing out particular investors and institutions whose choices proved unwise.

2) Its ambiguity. Neither the mission of the new agency nor its oversight are clear. If taxpayers are to buy illiquid and opaque assets from troubled sellers, the terms, occasions, and methods of such purchases must be crystal clear ahead of time and carefully monitored afterwards.

3) Its long-term effects. If the plan is enacted, its effects will be with us for a generation. For all their recent troubles, America's dynamic and innovative private capital markets have brought the nation unparalleled prosperity. Fundamentally weakening those markets in order to calm short-run disruptions is desperately short-sighted.

For these reasons we ask Congress not to rush, to hold appropriate hearings, and to carefully consider the right course of action, and to wisely determine the future of the financial industry and the U.S. economy for years to come. SOURCE

Did you read what they said... this plan will be with us for a GENERATION but they want to rush it trough over the weekend. UNACCEPTABLE! Call your representatives TOLL FREE:

TOLL FREE

Congressional Switchboard Numbers

800-833-6354
866-340-9281
877-762-8762
866-808-0065
888-355-3588
866-220-0044

Or send it by form:

http://www.senate.gov/general/contac...nators_cfm.cfm

https://forms.house.gov/wyr/welcome.shtml

Comments

[Naima]

Do you notice how quickly they write up these plans?
The AIG and others went under just a couple of weeks ago and these plans are already done? Remember the Patriot Act, 9/11 happens and like a month later some thousand page Patriot Act is already written up. (Thats one of the reasons the 9/11 conspiracy folks think somethings up)
They know what is gonna happen far in advance and they write these legislation ahead of time. Then they rush the bill being passed while they still have the momentum of the American people being in total fear.

[Naima]

Can someone also do a hearing on how the price of housing shot up so quickly? Like since when is a home worth a million dollars when its stone's through away from the projects. I am all for mixed income neighborhoods, but that is really odd.

[gem2001]

Naima because they already had this DRAFTED probably years in advance. They counted on being able to scare the American people and Congress into doing something.

[gem2001]

Naima the prices shot up because everybody could purchase a house. There used to be barrier's to home ownership like the 20% down payment and good credit. All that got thrown out the windo. With more demand and specualation, the cost of housing went through the roof.

[Oshun]

This is very interesting because our housing prices have gone through the basement floor. Houses that were selling for 50-70k are now being sold for 30k.

[Mari-Djata]

I understand the urgency of this post, and the fact that we should communicate with our government representatives, but these people are part of the same crowd that has given George Bush everything he has ever wanted. Even if we bombarded these idiots with mail, phone calls, and visits, why would they listen to us? Cynical, I know, but our government doesn't give a damn about us, and nobody has sense enough to realize that it is our fault. We won't be able to do anything until we dismantle this mess we made in voting these fools into power.

[JJ]

LOL.

Someone's mad:)

look,

whether they do nothing or do something we're going to take a MAJOR hit...at the very least a SEVERE recession..

But if they do something...we're even more screwed because that money just puts us even deeper in debt.

Hell, my non-economist ass saw this coming 3 - 4 years ago...why are all these Ivy League educated assholes surprised?

SMH

[Spinster]

JJ - they're probably not all that surprised. They probably saw it coming too. Who knows..... they may have even tried to warn people and/or the government and/or these shady corporations, but no one listened to them.

I don't know, I'm just thinking out loud. In any event, I just e-mailed my state senators. I began preparing for a revolution a few months ago. Shit is about to get real thick.

[Erica]

Wrote to my Representative and one of my Senators. (I refuse to write to Lindsey Graham about anything, but I don't think he's on a relevant committee anyway.) So now it's just fingers crossed and prayers winging their way upwards.

[msladydeborah]

I suspect that we haven't seen the worst moments yet.
My mother grew up during the Depression Era and she has always maintained that the money changers of the nation needed to be watched and made to tow the line.

I am not for the bailout either. I believe that if the economy is dying then let it flat line. People who have never been in the $5m middle class will work it out.

This isn't the first time that the economy has been in a state of emergency. When Regan was in office we were pressed like the Hebrew nation under his administration.
At least he had the good sense to open up the warehouse and let us eat cheese while the hard times were going on. Bush didn't even offer us a crust of bread.

[Pamela]

Well it appears at this point they have come up with a bailout plan for real this time. It is not written up according to this article.

http://www.foxnews.com/story/0,2933,429321,00.html

The House is scheduled to vote on this Monday.

We are in more debt folks. Neither party is doing well on spending.