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Bernie Sanders (VT) Anti-Bailout Petition

My friend James Jacobs pointed me to another alternative bailout plan that makes sense to me. It might even be a little too tilted towards Main Street, but is FAR, FAR, preferable to the options currently under discussion:

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Below is the letter I just sent. Feel free to copy/paste or edit as you see fit.

You can find contact information for your Senators at:

http://www.senate.gov/general/contact_information/senators_cfm.cfm

Thanks!

James
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Dear Senator _____________,

I just read with much interest VT Senator Bernie Sanders empassioned
petition and suggestions for fixing our current financial crisis
(http://sanders.senate.gov/petitions/?petition=Financial_Crisis_1). I
agree with Senator Sanders that the bailout plan put forth by Secretary Paulson and Fed Chairman Bernanke should include safeguards for average citizens, should repeal the "disastrous de-regulatory legislation that facilitated this crisis" and should include economic recovery for all citizens, not just those large institutions that caused the mess in the first place. I was pleased to hear some in the Senate (notably Obama, Schumer and Dodd) put forth viable alternatives to the Paulson/Bernanke plan.

I hope I can count on you to work with those Senators in pushing legislation that fixes the problems, safeguards average citizens and assures that this kind of problem will not happen again.

Best regards,

James Jacobs

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And if you think it's a necessity to pass something this week, how about listening to a group of 150 economists who tell us otherwise:

Hundreds of Economists Urge Congress Not to Rush on Rescue Plan 
http://www.bloomberg.com/apps/news?pid=email_en&refer=home&sid=aNKGD.bJwmRA

According to this article the economists, "span the political spectrum, from liberal to conservative to libertarian." Maybe we should be listening to them and not the panicked bankers and politicians. The letter itself is available on the University of Chicago web site.
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5 Responses

  1. This is ridiculous!
    I am noticing all the news channels pumping the public with scare tactics just to convince the American people that this bail out is necessary.
    What a load of garbage!
    They keep blaming the people of this country for these problems..nevermind it was George Bush that put us in a war that costs BILLIONS..nevermind that it was Bush that blocked all proposals for alternative fuel research which allowed them to raise prices of oil to such levels that no one could afford to pay their bills AND BUY GAS FOR THEIR CARS SO THEY COULD GO TO WORK!..nevermind that it was Bush that got on T.V. and told the American people everything was fine..nevermind that Pelosi just mentioned openly that this money would NOT GO TO HELP AMERICANS THAT LOST THEIR HOMES..nevermind that
    Washington Mutual (just one of many) PAID THEIR NEW CEO A 20 MILLION DOLLAR PACKAGE AND THEN TURNED AROUND TO ASK THE GOVERNMENT FOR A BAIL OUT..nevermind that this bail out legislation would go to help ALIENS to purchase foreclosed homes of AMERICANS..nevermind that the President is now trying to STEAL PUBLIC TAXPAYER MONIES TO PAY FOR PRIVATE INDUSTRIES THAT HAVE LIED AND CHEATED FOR YEARS AGAINST THE PUBLIC OF THIS COUNTRY.
    Yeah..
    nevermind all that..
    just give King George what he wants or else we will all have to pay.
    WELL WE HAVE AND CONTINUE TO PAY!!
    It’s all OUR FAULT THIS MESS RIGHT?
    Nothing at all to do with the government elected officials that have proven time and time again to be the real enemy to the American people!
    And now..under closed and secretive doors..they try to hatch another plan to harm each and every one of us!
    I say hanging is too good for them!

  2. While I think you make a number of valid points, I need to take issue with:

    “And now..under closed and secretive doors..they try to hatch another plan to harm each and every one of us! I say hanging is too good for them!”

    First off, it is never acceptable to imply that violence should be done to people over policy differences. And that’s what “hanging is too good for them!” does. I have many differences with this administration and think they’ve committed crimes for which I’d like to see them tried for. But I will not support any call, explicit or implied for violence against them.

    Second, the point of the secret bailout plan isn’t to “harm each and every one of us.” That may be the effect, but that isn’t the intention of Bush, Paulson, et al. They sincerely believe that it is the hyper wealthy and large corporations that are responsible for our economy and that the economy is the thing that matters most to Americans. So, in their view, to help Americans, they have to rescue the economy, which they see in terms of rescuing the major creditors. It’s a self-consistent view that intends no harm to the American people.

    I disagree with their analysis and approach. I think it’s madness to privative gains while socializing losses. And given that a good chuck of the reason that the creditors are in trouble is that they made irresponsible loans and derivatives in the first place, it doesn’t seem good to bail them out without assurances we’re not simply starting a new cycle of the same old thing. Having said that, I believe the people behind the plan intend to help us. I just don’t think that it will work.

  3. Please consider that the American public has, in effect, been ordered to subsidize the purchase or swap of assets which have not been valued through market transaction but rather through mathematical models, models which are open to false and/or overly optimistic assumptions and which have proven to be extremely flawed.

    Beyond this, any bailout is also a bail in, which is to say government’s internalization of previously private risk–this can have very detrimental consequences for the Dollar and the ability to service an extremely large external debt. I feel confident in saying that further attempt to stabilize through socialization of cost will soon enough generate still greater instability.

    Yes, the House voted properly this time but I would expect new and perhaps worse deals are in the works even as scare mongering intensifies.

    Please remain in touch with your representatives

  4. Hey I’ve put together a petition written in the words of Thomas Jefferson himself regarding the government bailout petition. Please sign it at Jefferson’s Plea We need to keep Old Tom relevant in today’s society!

  5. Thanks for sharing your petition. You might want to list your quote sources so people don’t give you the “He didn’t say that.” deal.

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