On the chance that the Senate is going to plunge us into the reality of being the world’s largest, stupidest socialist state this evening, I thought it might be wise to listen to a bona fide socialist like Herr Schulz.
According to that NY Times article linked above, House Minority Whip Roy Blunt (R-MO) “said one reason he was more optimistic was that lawmakers are hearing less vocal opposition from their districts.”
This, coupled with the drumbeat from every single msm outlet on television, might push this idiocy into law. I cannot stress this enough: this is a form of extortion and we are about to pay the blackmail. There is ample cash out there to be had, both in savings and in the huge printing runs by the Federal Reserve and the European Central Banks. We are being held up and we must say no to the financial terrorists on Wall Street!
Please, take a moment to (again!) contact your reps! The vote is scheduled for less than five hours from now. Remember, non-form letters carry much more impact!
The language of my letters (written today) to Congress (feel free to copy/edit/paste), after the jump.
I originally had this included with the previous quote, but it deserves it’s own headline.
Evidently, the Congress is so inept they cannot even adequately manage constituent email servers. The servers are inundated with citizen responses to this issue. My emails got through earlier this morning to my Senators, but the safest way to make sure your voice is heard on this issue is to call your representatives. Use the link in the box above.
I am writing to let you know that the defeat of the proposed Wall St. bailout earlier this week was exactly what needed to happen.
A cluttered, even less effective bill is rumored to be going before the Senate today (Oct. 1). I strongly urge you to vote against any such bill should it come before you.
I have yet to see any draft version of any bill proposed that would not make the United States the largest and worst socialist state in the world. That cannot be allowed to happen.
Since all of Congress seems short of ideas on how to fix this situation, here are four that could be done, without a bailout or any congressional action, that would greatly improve the situation:
- Fannie and Freddie should aggressively go into the market buying mortgages, TODAY.
- The FDIC should raise the guarantee on bank deposits to $250,000 per account, TODAY.
- The Fed should suspend for six months the mark to market accounting rule on mortgage securities or create some other rule that would allow banks to keep frozen mortgage paper segregated on their balance sheets.
- FDIC should force every bank to deliver an audited statement of all of their holdings including Credit Default Swaps within 30 days. Transparency is the soul of confidence.
While something does need to be done to increase transparency and restore confidence in the credit markets, the revised “Paulson plan” is not it. This is the wrong action at any time.
A vote cast for the bill rumored to come before the Senate today is not acceptable and you will be held accountable for making a poor decision at this critical juncture in American history.Patrick T. Lafferty
Credit for the four economic points in this letter goes to Jon Taplin’s blog.