appleshampoo (![[info]](http://l-stat.livejournal.com/img/userinfo.gif){kind=small} appleshampooid) wrote,@ 2008-10-02 02:43:00 |
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Letter to my Congressman
[I could have just copied and pasted Ron Paul's letter again, but I felt like putting my own words down. It made me feel better at least.]
Dear Representative McDermott,
I was angered that you supported the economic bailout the first time it appeared for a vote on the House floor, and I am writing you today to implore you to reverse that decision, and oppose the modified bill when it comes before the House again soon.
While the Senate leaders have sugarcoated the bill and added numerous superfluous riders in an attempt to make it more palatable, the essential intent of the proposal has not changed: use the money of American taxpayers buy the bad assets of financial institutions. This is a gross misuse of our money and must not be allowed to happen.
These assets are failing for a reason: they were ill-advised in the first place, and the free market must be allowed to take its course. The federal government should not be propping up the failing housing market. If there are too many houses at unreasonable prices, then the prices must be allowed to fall and the market must be allowed to correct itself. If individuals sought mortgages which they could not afford, and were awarded those mortgages, they and their financial institutions should be held responsible for the consequences.
I know that there will be troubling times ahead, and I am not implying that doing nothing will miraculously solve all of our problems. Our unsound fiscal policies leading up to this point have made that a reality. But the proposed bailout plan will just cover up the current problem, extending the illusion of a sound market for a short time. The eventual market correction will be even more violent when it does occur.
I am not insulated from these concerns. I have a 401(k) which has lost value over the past week, and I'm sure if the bailout is struck down, it will lose even more value. But I am willing to sacrifice that value for the knowledge that we will have averted a step which will make the financial crisis that much worse.
Thank you for your time. Again, I urge you to vote against the bailout, and I assure you that I will not vote for you if you do support it. Please take the lead of fellow Washington State lawmaker Senator Maria Cantwell, and oppose the bailout.
Respectfully,
Nicholas Aaron Philbrook
A troubled constituent
[I could have just copied and pasted Ron Paul's letter again, but I felt like putting my own words down. It made me feel better at least.]
Dear Representative McDermott,
I was angered that you supported the economic bailout the first time it appeared for a vote on the House floor, and I am writing you today to implore you to reverse that decision, and oppose the modified bill when it comes before the House again soon.
While the Senate leaders have sugarcoated the bill and added numerous superfluous riders in an attempt to make it more palatable, the essential intent of the proposal has not changed: use the money of American taxpayers buy the bad assets of financial institutions. This is a gross misuse of our money and must not be allowed to happen.
These assets are failing for a reason: they were ill-advised in the first place, and the free market must be allowed to take its course. The federal government should not be propping up the failing housing market. If there are too many houses at unreasonable prices, then the prices must be allowed to fall and the market must be allowed to correct itself. If individuals sought mortgages which they could not afford, and were awarded those mortgages, they and their financial institutions should be held responsible for the consequences.
I know that there will be troubling times ahead, and I am not implying that doing nothing will miraculously solve all of our problems. Our unsound fiscal policies leading up to this point have made that a reality. But the proposed bailout plan will just cover up the current problem, extending the illusion of a sound market for a short time. The eventual market correction will be even more violent when it does occur.
I am not insulated from these concerns. I have a 401(k) which has lost value over the past week, and I'm sure if the bailout is struck down, it will lose even more value. But I am willing to sacrifice that value for the knowledge that we will have averted a step which will make the financial crisis that much worse.
Thank you for your time. Again, I urge you to vote against the bailout, and I assure you that I will not vote for you if you do support it. Please take the lead of fellow Washington State lawmaker Senator Maria Cantwell, and oppose the bailout.
Respectfully,
Nicholas Aaron Philbrook
A troubled constituent
