My letter to my reps.
Sep. 26th, 2008 07:53 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
pecuniumThis is variation of the letter I sent Sen. Bernie Sanders (D-Ver), who is smart enough to realise that as the head of an important committee he has a need to hear from more than just his direct constituents, would Reid and Pelosi were that smart.
In any case, it's what I sent my senators, and a couple of representatives (Dreir, Asshole-Calif. needs to be scared silly; and lose his seat).
I have grave reservations about the Fannie Mae/Freddie Mac Bailouts. Not because they don't need to be salvaged, but because of the structure of the rescue.
My problems with AIG have more to do with the power it vests in the Treasury to affect policy by manipulating the things AIG insures. It moves a huge amount of power to the Executive, which is, no matter who sits in the White House, a terrible Idea.
I much prefer the Swedish model, were equity was mandated, at dollar for dollar, and the Gov't was able to restabilise the banks; and return them to public control in three years.
In the present circumstance, a blank check, of not less than $7,000,000,000,000 is being demanded; without oversight, accountability, or apparent plan. It is unconscionable. This problem has been evident for at least a couple of years to me (I knew there was grave trouble coming when Alan Greenspan reccomended ARMs to first time home buyers with less than perfect credit).
A blank check, much less one with unfettered power, is unacceptable. The people asking for it have shown no sense of fiscal responsibilty to this point, and I see no reason to expect a sudden change of habit.
Feel free to make use of it yourself.
In any case, it's what I sent my senators, and a couple of representatives (Dreir, Asshole-Calif. needs to be scared silly; and lose his seat).
I have grave reservations about the Fannie Mae/Freddie Mac Bailouts. Not because they don't need to be salvaged, but because of the structure of the rescue.
My problems with AIG have more to do with the power it vests in the Treasury to affect policy by manipulating the things AIG insures. It moves a huge amount of power to the Executive, which is, no matter who sits in the White House, a terrible Idea.
I much prefer the Swedish model, were equity was mandated, at dollar for dollar, and the Gov't was able to restabilise the banks; and return them to public control in three years.
In the present circumstance, a blank check, of not less than $7,000,000,000,000 is being demanded; without oversight, accountability, or apparent plan. It is unconscionable. This problem has been evident for at least a couple of years to me (I knew there was grave trouble coming when Alan Greenspan reccomended ARMs to first time home buyers with less than perfect credit).
A blank check, much less one with unfettered power, is unacceptable. The people asking for it have shown no sense of fiscal responsibilty to this point, and I see no reason to expect a sudden change of habit.
Feel free to make use of it yourself.
