27.9.08

Letter to my Reprentatives RE Bailout

Dear Senator Schumer:

Thank you for the work you are doing to protect your constituents in this time of crisis. I have two words of encouragement for you: keep going. Keep pushing into that dank basement that is our financial sector. Keep digging beneath those soaring towers of concrete and glass. Scout out that lawless frontier town ruled by greed, that outpost which promises to govern itself. Let those reckless men--gathered 'round a backroom table--face their day of reckoning before they go all-in once more, this time on the taxpayers' marker.

We the people must assert ourselves; we must flex the muscles of our sovereign body. We must say no more to the madness that will divide up a family home into a thousand securities, only to let them flutter off like scraps of paper in the wind. We must say enough to the insanity that trustingly follows an insurer when he says: "credit default swaps are not insurance, so they don't need to be regulated!"

Several months ago, certain people vociferously ignored the tired, poor and wretched masses that Lady Liberty promised to welcome. The Right aborted compassion with two mere words: socialized medicine. And now, where are we? We have a centrally controlled financial sector yet no federal social contract, we have bailouts, but my partner has no affordable health care. My government couldn't find two cents for children without medical insurance, yet they can find a trillion dollars for those companies that told me: "don't worry, there's absolutely NO RISK"?

Do not give these lunatics a single taxpayer's dollar without crafting truly independent regulation and installing truly independent regulators at every firm. These people do not deserve our trust. If we give them our marker, they'll just lose double. The executive branch is Wall Street's branch. Who does Congress serve?

1 Comments:

Blogger James Call: Expert said...

Well put!

Above all let's stay away from that House GOP "insurance" madness. That is a truly blank check. $700 billion to $1.3 trillion is massive enough. We cannot "insurance" banks STILL holding bad assets, hoping these assets will somehow magically become good, especially when the stewardship of these banks remains poor!

3:36 PM  

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