Signed, sealed, delivered….we are theirs! Were their any other options? Did we just have to do whatever the monied interest….the ruling class wanted? Below is from Congressman Darrell Issa…the day before the vote.
We fully support the following:
| Opposition to Bailout Bill Continues |
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Dear Friend, Like many of you, I am deeply concerned about the credit crisis in the financial markets. I want to take a moment to update you regarding the Wall Street bailout bill that was rejected by the House of Representatives on Monday, assure you of my continued opposition to the bill, and outline my ongoing efforts to find solutions to alleviate the distress in the financial markets without a taxpayer-funded bailout.
The core of the Paulson-Bush-Pelosi scheme gives Treasury Secretary Paulson the authority to use $700 billion taxpayer dollars to purchase at-risk sub-prime mortgage backed securities from Wall Street banks and investment firms. Secretary Paulson has stated that he would use that authority to purchase troubled investments from foreign banks as well. I believe strongly that this is not the best approach, that taxpayers should not be stuck with the bill or the responsibility of liquidating troubled mortgage assets, and that any plan should put U.S. banks ahead of foreign banks and investors.
For the past two weeks, I have worked in a collaborative and bi-partisan fashion with Members of Congress, private sector economists, current and former bank regulators, and others to develop substantive alternatives to a taxpayer-funded bailout of the financial markets. Here are a few of the many ideas that are being discussed:
Additionally, I have authored an amendment to the Paulson plan that would put America first, by giving preference to U.S. banks, and limit payments to speculators who purchased troubled securities after January 2008.
These provisions would provide help to the struggling financial markets while limiting the cost to taxpayers.
Finally, I appreciate the many emails and phone calls from all of you who took the time to share your suggestions and ideas. More than 2,500 constituents have contacted me to comment on the Paulson-Bush-Pelosi Plan, with opinions running strongly against.
These are difficult times and the volatility in the financial markets is unsettling, but the American economy has time and again weathered political shocks and financial hardships and proven itself resilient. I am confident that we will get through the current turmoil, overcome the losses now being incurred, and return to financial prosperity. Harnessing taxpayers with an additional trillion dollars in debt, as the Paulson-Bush-Pelosi plan would do, won’t advance that process.
Thank you for your time and consideration.
Sincerely,
Darrell Issa
Member of Congress
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The bail out agreement or a full system crash, basically. That was the choice. Now and in the short term is the time to rebuild the way the system will function when it stabilizes.
*Carl,
Evidently you missed 60 Minutes tonight. The unregulated “Swaps” have buried the entire system. $60 Trillion dollars worth…give or take $10 Trillion. If you
think $1.3 Trillion is going to fix that…..good luck!
rw