An open Letter to John McCain: Oppose the Wall Street Bailout

Dear Senator McCain,

I have often admired your leadership and service to this Country.  I am completely and utterly against this $700 Billion bailout of Wall Street.   I can assure you I will not vote for any candidate that supports this bailout.  I am appalled by the speed at which the Congress and ultimately voters are being asked to approve this bailout plan. 

I understand that the situation is very difficult, but encouraging Wall Street firms to sell their toxic waste bonds, credit swaps, derivatives and other crap to the Fed or the US Treasury is Obscene.

Just about any other solution is better.  700 Billion is a enormous number.  Give that to the taxpayers, and let them catch up on their mortgages or debt or whatever.  Let’s try a gigantic stimulus package BEFORE the taxpayers buy a bunch of garbage.

Or really do a Resolution Trust solution.  Seize insolvent firms and then manage the orderly unwinding of these toxic derivatives.

Or better yet, let's limp along for a few months, doing an AIG rescue here / letting a Lehman fail there.  Then your administration can calmly and rationally come up with a good plan.

 

DO NOT GIVE A GIANT BAILOUT TO WALL STREET FIRMS THAT CREATED THIS GIGANTIC MESS!

Please stand firm against this un-Republican and GIANT GOVERNMENT solution.  This is a chance to forcefully and correctly distance yourself from the Bush administration.  Being a Senator, you have the unique capability to stop this colossal bailout plan, by filibuster if necessary.

You hold what I think of as the Barry Goldwater seat in the Senate.  He would have opposed this bailout, and I urge you to as well.

 

Sincerely,

 

Knox North

Comments

[unlawflcombatnt]

I completely agree with you. This bailout should never pass.

I also want to thank Senator Shelby for informing the public of the general consensus by economists who oppose this the $700 billion massive theft of taxpayers' money to bail out Wall Street financial gangsters. Shelby's opposition gives Americans hope that not all of our elected officials are Corporate shills. The PEOPLE of America are with you, Senator Shelby.

This economic decline was completely predictable. Many are surprised it didn't occur sooner. Personally, I thought the fall would occur 2-3 years ago. But the Corporate financial media managed to propagandize the American public into thinking all was well. Now it has progressed to the point where they can't cover it up any longer.

Home prices skyrocketed without there being any increase in the income of Americans to support them. The only thing driving them upward was easy credit and irresponsible lending. Demand was created by increasing borrowing ability, not increasing income. This scam was self-perpetuating, with financial institutions loaning still more money as they were able to dump their loans on irresponsible investors (in the form of Mortgage-Backed Securities), thus replenishing their lending capital, to make still more loans to uncreditworthy home-buyers.

And now the confidence game has ended. The true value of the overpriced Mortgage-Backed Securities (MBSs) has become apparent. The housing collateral supporting MBSs has dropped significantly in value, reducing the true market price of the MBSs as well. Since the holders of the MBSs refuse to sell them for the current *real* market price, they've been unable to replenish capital, and have stopped lending as a result.

The lending institutions and securities holders refuse to accept ANY losses on their devaluing securities, and instead have come crying to Uncles Ben and Henry, begging them to pick taxpayers' pockets to keep them from realizing anything more than minuscule losses.

There is NO emergency for taxpayers or main street. The "emergency" is that rich investors and bankers may lose a whole lot of money, unless taxpayers are robbed to bail them out.

This situation has been building for years. There is no emergency. The only real "emergency" is that a massive Corporate giveaway might not be engineered before Congress recesses, or before there is a new administration.

This bailout should be blocked. $1.8 trillion of taxpayers' money should not be handed over to Wall Street based on some alleged "emergency" — one that has not been debated by Congress, or even explained. The people of the United States deserve a 1.8 trillion-dollar explanation BEFORE they're forced to pony up $1.8 trillion to fund a pseudo-emergency bailout plan.

I've submitted a poll on Digg, asking the question:
Do you Support or Oppose the $700 billion taxpayer-funded bailout of Wall Street financiers? Below is the link

http://digg.com/2008_us_elections/Poll_Support_or_Oppose_the_700_bill_bailout_of_Wall_Street

Vote in the poll, and help let our electd officials know about your opposition to this latest helping of Corporate Welfare.

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This scam was self-perpetuating, with financial institutions loaning still more money as they were able to dump their loans on irresponsible investors (in the form of Mortgage-Backed Securities), thus replenishing their lending capital, to make still more loans to uncreditworthy home-buyers.

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