Can everyone in the back of the room hear me? I will try to speak directly into the microphone so you all will hear my words clearly.
We cannot afford a 700 Billion Dollar Bailout!
Did you all hear that?
This country cannot afford the 700 billion dollar bailout plan proposed by the Bush Administration. Did you know there is no oversight for that 700 billion? No - let's just throw money at the issue and see what happens. No regulatory changes. No management of the problem - just the excercise of putting cotton onto an amputated limb, hoping for the best. We have to CAUTERIZE the wound created by the de-regulation of the banking and mortgage industry.
I took my action today and sent to my Representative and Senators the following note:
I am writing to you today to tell you how disappointed I am in the current administration and the planned 700 billion dollar bailout for the banking industry.
The thought that the government would have to intervene in and absorb the cost of bailing out an industry that for so long has operated without proper oversight and management angers me. Not only because it is I and my family that will have to bear the cost of this bailout with higher taxes and less usable income over the next few years, but also that the plan itself for the bailout just throws gobbs of money at the problem with no future oversight or management of the issue.
We almost need to harken back to 80 years to a time when the government had in place the regulatory commission to manage the banking industry. I am sorry to say that under Carter, then Regan and the final death knell signed by Clinton (whom I really like) has helped foster this disaster. It is bad enough that the market and economy are in a depressed state, but this surely doesn't help anything.
I urge you to fight the reckless and careless spending of our future by the Bush Administration. A detailed plan of attach must be formulated before we throw our future away. I am not rich, but thankfully I am not poor. There is too much at stake for us to just sit by and not take action!
Thank you for your support.
San Jose, CA
I urge you to do the same! Flood your Senator and Representative with messages - urge them to be more responsible in their spending. A bailout is probably required, but better oversight and management needs to be a portion of that bailout - not a blind and blank check issued!
My blog, my two cents!