Thursday, October 2, 2008

Still no to bailout

Dear Congress,

My vote is still no. I wrote how I felt about the bailout and my view hasn't changed. It's just a bill to assume all of the toxic (bad) debt Wall Street (WS) created for greed and profit. It's doesn't help the American consumer or home buyer, but simply lets WS to go after more debt. And much of that debt isn't real but mortage backed securities, meaning loans based on loans which are just monetary air.

And giving the consumer and home buyer candy in trade isn't good for America. Wall Street got themselves into the mess with the aid of Bush and Congress, so don't put his on the taxpayer. We were screwed by the financial service companies with the loans and we're getting screwed by Congress. It's a sham and a farse on the people.

And at 450-plus pages can any Congress representative or Senator say they've read the bill? And when aides tell reporters they want to pass a bill to get out of town to start campaigning for re-election tells you where their heads and hearts are at, which isn't for the American people but Wall Street.

Is there any provision this will work? Is there any provision if it doesn't? Is there any provision the debt can be resold back to Wall Street? With over $11 Trillion national debt, we'll be on the hook for debt we won't see repaid for years, if at all. And Wall Street goes back to business as usual, because they paid off Congress well in return for the bailout to assume all their bad debt.

Any bets the financial services and companies start reporting huge profits next year and beyond because they're not burdened with the toxic loans they made and created the mess? Any bets when the Treasury tries to sell all this debt, those very same companies say, "No thanks, we know they're toxic and not worth the paper they're printed on. After all we created them in the first place."?

Gee, I wonder who's getting their money's worth, us or them?

And dear representative, if you voted for the bill, you don't have my vote anymore period. And if I'm wrong, I'll apologize. Isn't that what ya'll do and get away with it? But then I don't cost the taxpayer anything either. Like ya'll do and did.

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