Good morning everyone,
I have no doubt that we are all watching the news regarding the
economy, listening to all the reasons our "constituent" Congressmen are
giving to us so that we all think we need this $700 billion bailout
bill. There is a reason the bill was initially voted NO on Monday, and
that is that the majority of Americans DON'T WANT THE BAILOUT, and be
stuck with the bill for the exuberance of Wall St. and their free
lending bank counterparts.
The current recession we are experiencing is mostly a result of two,
bi-partisan actions. The problems began during the Clinton term and the
"dot com" bubble, and its subsequent burst that wiped out millions from
Americans' savings. Many people during this period, who had previously
never invested in the stock market, were now borrowing money on their
credit cards and "investing" with ease online, with no stopgap or advice
as to what to expect or possible losses involved. Thus, when the market
crashed in 2000, people started to panic, began losing everything.
Instead of allowing the market to correct, and helping people absorb
some losses with minimal government intervention, President Bush dropped
interest rates and regulation on mortgage lending to allow people to
cover stock market losses with second mortgages on their homes. This,
in turn, artificially drove up the housing market, pushing home values
through the roof, causing people to continue spending, feeling more
confident in their new found "treasure" in their home equity. However,
this artificial increase in home values has proved to be just another
example of "Robbing Peter to pay Paul".
Now, we have the largest taxpayer bailout in American history on the
table of our Congressmen. Although the taxpayer, the American citizen
is in dire straights right now, Congress wants us to "pay it forward",
and bailout out Wall St. first, using our taxpayer dollars to buy BAD
debt, hoping somehow this bad debt will turn around in the future and
POSSIBLY provide a return to the government, and then FINALLY back to
us. The government wants to use our money to bad debt, "investments"
that are almost guaranteed to lose money. If we wouldn't do this with
our money at home, WHY WOULD WE AUTHORIZE CONGRESS TO DO THE SAME WITH
OUR TAX DOLLARS?
Our markets are correcting to pre-2000 levels, before the "dot com"
bubble, plus a few years of standard growth. This is needed to again
strengthen our dollar in the world, get back to true value of things
before all of this artificial inflation. The market doesn't need a
bailout, however it does need a strong and swift correction. This is
basic capitalism, healthy cycles of boom and bust. We have to trust in
our markets to absorb the losses, get back in its feet NOW, to be able
to compete with heavyweights like China and India in the years to come.
Congress points to yesterday's (9/29) market losses of 777 points to
underline the dire need for this bailout. However, TODAY (9/30) THE
MARKET IS UP 375 POINT WITHOUT THE BAILOUT.
We all talk about "green", not leaving the world polluted for our
children tomorrow. This $700 billion dollar bailout will not only put
us in severely in debt for the excesses of Wall St. today, but will put
our children and our children's children on the hook for this bailout
for generations to come.
If Congress was truly serious in "restoring" consumer confidence,
instead of using our $700 billion to buy bad debt and hope for a return
in 20-30 years for the taxpayer, they should GIVE $700 BILLION BACK TO
THE AMERICAN TAXPAYER TO BOOST THE ECONOMY. Allow the citizens to get
their paid taxes back and GIVE CITIZENS THE OPTION TO INVEST IN
OPPORTUNITIES OF OUR CHOOSING. If some of us truly want to buy bad
debt, WE ARE FREE TO DO SO AND NOT FORCED BY CONGRESS.
Please call your local congressmen and tell them to VOTE NO ON THE
BAILOUT and YES TO RETURN $700 BILLION BACK TO THE TAXPAYER FOR
Keep your chin up everyone, the market will get better. We are
experiencing a HEALTHY market correction, a bust that is crucial for
capitalism to work, cleaning out the "old guard", making room for the
Yours in Liberty,
The Proservative Movement
"Progressive Action, Conservative Values"