JoeCorrado
09-20-08, 11:41 AM
Copy of a letter that I sent to my senator and representative today.
Feel free to copy and paste if you feel the same and send it along to YOUR representatives in congress. Find them here. (https://forms.house.gov/wyr/welcome.shtml)
---
RE: Bailout of Wall Street
Please do not rush into this historic bailout proposal too quickly. Too many times in the past have poorly thought out and rushed into decisions come back to haunt us. This "emergency request" by the Bush Administration strikes me as odd at the very least- frankly it STINKS.
Why should we, the tax payers suddenly rush in to save the fat cats of Wall Street now when these same institutions have done nothing to warrant such relief? They make bad loans, bad investments, bad decisions all with the almighty dollar being their guiding light. They have shown not an ounce of real care or concern for the American People- instead profits and bonuses have been their only goal with no thought of how their actions might help- or hurt the nation and the PEOPLE in the larger sense. Corporate greed, not corporate responsibility has defined trickle down economics.
Now we are expected to pay for being taken to the cleaners by them and are being asked to jump into line to be abused again by paying for their irrsponsible greed a second time around??
The average American is told that we must make responsible decisions or suffer the consequences- forclosures at a record rate, unemployment up, wages down, health care costs up, education system a joke... oh yes, pay we have! Yet Wall Street apparently gets to play their games of greed and abuse with no restraint- to gamble and when they "win" to pocket the profits. NOT a very good scenario for the American Taxpayer and one that even worse seems to reward corporate greed and bad behavior.
If a "bail out" is required then I recommend that the ROOT CAUSE of the emergency be addressed and not just the symptom. The root cause in this case has been the deregulation of Wall Street- Republicans have pushed this "free market, global economy" lie for years as being the cure for America- as our ticket to a better day tomorrow than we have had in the past. We now see, it has instead been the death of a thousand cuts for our economy and our way of life. The American dream has been exported along with our jobs!
Trickle down economics was the primer that encouraged the relaxation or removal of any restraints- the policies impleimented in pursuing deregulation allowed "corporate greed" to run rampant. It enabled Wall Street's bad decision making based solely upon greed to find traction and to run amok. We now arrive at the end of the road for this failed economic policy. The proof is in the pudding and the results cannot be argued.
Trickle down economics has "in effect" been an eight year long assault upon the middle class of America who have always made this country work best. The assault represents the largest transfer of wealth in our history if the truth is to be stated properly- The rich got richer, the poor got poorer and NOTHING trickled down to us save the greedy tentacles of corporate America as it sought to take ever more from the people.
You cannot continue to pressure the middle class by deflating our wages, shipping our jobs over seas and the continuous chipping away at the foundations upon which the middle class stands- education, health care, job security and the ability to organize for our own benefit.
Trickle down economics has failed in every way imaginable for the middle class and the working poor of our nation. SHAME!
The American People must be assisted before any real recovery from this situation can be sustained and that help does not come in soley the form of the biggest bailout in American history for the huge corporations on Wall Street. It must come in the form of real and tangible help for Main Street at the same time. THE SCALES MUST BE BALANCED.
Think long and hard before you sign away hundreds of billions of dollars for a pig in the poke proposal that carries NO GUARANTEES of ANY specific remedies for Main Street. This is not the time for hurried deisions based upon the fear being porpagated by the same administration that brought us Iraq. We don't need legislation based upon fear- we need legislation that works for the PEOPLE.
Do not buy something when you do not even know what you are buying. Do not leave the revolving door of government bailouts open for TWO YEARS or longer. IF a bank has bad debt and we are to assume responsibility for that debt then KNOW what we are buying first- not after the fact. Standards must be defined and limits as well for just what it is EXACTLY we are buying.
I cannot tell you how angry this makes me. I have struggled under "trickle down economics" for too long. It is a FAILED POLICY that IS the true ROOT CAUSE of this disaster. You don't grow an economy from the top down- you grow it from the bottom up. So please, do get busy in finding a solution but find a solution that works for us the people first.
ENOUGH of this fiasco, it is time for a change.
Regards,
---
Feel free to copy and paste if you feel the same and send it along to YOUR representatives in congress. Find them here. (https://forms.house.gov/wyr/welcome.shtml)
---
RE: Bailout of Wall Street
Please do not rush into this historic bailout proposal too quickly. Too many times in the past have poorly thought out and rushed into decisions come back to haunt us. This "emergency request" by the Bush Administration strikes me as odd at the very least- frankly it STINKS.
Why should we, the tax payers suddenly rush in to save the fat cats of Wall Street now when these same institutions have done nothing to warrant such relief? They make bad loans, bad investments, bad decisions all with the almighty dollar being their guiding light. They have shown not an ounce of real care or concern for the American People- instead profits and bonuses have been their only goal with no thought of how their actions might help- or hurt the nation and the PEOPLE in the larger sense. Corporate greed, not corporate responsibility has defined trickle down economics.
Now we are expected to pay for being taken to the cleaners by them and are being asked to jump into line to be abused again by paying for their irrsponsible greed a second time around??
The average American is told that we must make responsible decisions or suffer the consequences- forclosures at a record rate, unemployment up, wages down, health care costs up, education system a joke... oh yes, pay we have! Yet Wall Street apparently gets to play their games of greed and abuse with no restraint- to gamble and when they "win" to pocket the profits. NOT a very good scenario for the American Taxpayer and one that even worse seems to reward corporate greed and bad behavior.
If a "bail out" is required then I recommend that the ROOT CAUSE of the emergency be addressed and not just the symptom. The root cause in this case has been the deregulation of Wall Street- Republicans have pushed this "free market, global economy" lie for years as being the cure for America- as our ticket to a better day tomorrow than we have had in the past. We now see, it has instead been the death of a thousand cuts for our economy and our way of life. The American dream has been exported along with our jobs!
Trickle down economics was the primer that encouraged the relaxation or removal of any restraints- the policies impleimented in pursuing deregulation allowed "corporate greed" to run rampant. It enabled Wall Street's bad decision making based solely upon greed to find traction and to run amok. We now arrive at the end of the road for this failed economic policy. The proof is in the pudding and the results cannot be argued.
Trickle down economics has "in effect" been an eight year long assault upon the middle class of America who have always made this country work best. The assault represents the largest transfer of wealth in our history if the truth is to be stated properly- The rich got richer, the poor got poorer and NOTHING trickled down to us save the greedy tentacles of corporate America as it sought to take ever more from the people.
You cannot continue to pressure the middle class by deflating our wages, shipping our jobs over seas and the continuous chipping away at the foundations upon which the middle class stands- education, health care, job security and the ability to organize for our own benefit.
Trickle down economics has failed in every way imaginable for the middle class and the working poor of our nation. SHAME!
The American People must be assisted before any real recovery from this situation can be sustained and that help does not come in soley the form of the biggest bailout in American history for the huge corporations on Wall Street. It must come in the form of real and tangible help for Main Street at the same time. THE SCALES MUST BE BALANCED.
Think long and hard before you sign away hundreds of billions of dollars for a pig in the poke proposal that carries NO GUARANTEES of ANY specific remedies for Main Street. This is not the time for hurried deisions based upon the fear being porpagated by the same administration that brought us Iraq. We don't need legislation based upon fear- we need legislation that works for the PEOPLE.
Do not buy something when you do not even know what you are buying. Do not leave the revolving door of government bailouts open for TWO YEARS or longer. IF a bank has bad debt and we are to assume responsibility for that debt then KNOW what we are buying first- not after the fact. Standards must be defined and limits as well for just what it is EXACTLY we are buying.
I cannot tell you how angry this makes me. I have struggled under "trickle down economics" for too long. It is a FAILED POLICY that IS the true ROOT CAUSE of this disaster. You don't grow an economy from the top down- you grow it from the bottom up. So please, do get busy in finding a solution but find a solution that works for us the people first.
ENOUGH of this fiasco, it is time for a change.
Regards,
---