Archive for September, 2008

Futile Efforts (September 29, 2008)

Posted in Bailout/Bribe, Congress, Economics on September 29, 2008 by


Washington, D.C. 20510

Senator _________:

Enough.  This bailout/handout is obscene.

Risk is the handmaiden of reward.  Success and failure are American.  Privatizing success and socializing failure are unwise if not criminal.  And no way to run a Republic.

Why are we as a country creating a dictator/czar who is not subject to congressional oversight or judicial review to decide how he will run the country?  Paulson was previously the Chairman and CEO of Goldman Sachs.  The wolf is in charge of the hen house.  He has done nothing for years.

This problem has been with us for many years.  Why get excited now?  We as a country got all excited and passed the PATRIOT Act, went to war with Iraq, etc.  Now is the time to reflect.

Reflect on the three articles in today’s NYT:  Kristol, Krugman and Cohen.  Cohen’s article addresses the international dimension.  The rest of the world does not care about the developments in the USA and is not going to do anything to help.  Let’s not be so concerned about the rest of the world on this issue at this time.

If we as a country are going to nationalize the industries, why not nationalize the industries rather than just the losses?

If we reject the bailout, there will be some inconveniences and costs, yet life will go on.  We will get up in the morning, put on our socks and go on with life.

If the legislation is passed, there is no rescinding it according to its term.  The long-term negative consequences of a bailout/handout to the taxpayer and the country are incomprehensible.

It is time to say No! to this travesty.

This legislation is unwise and imprudent.

Over the last few days, I have been surprised at how united _______ are on this issue.  Across the political spectrum, there is disgust and outrage.

It is time to reflect.





Washington, D.C. 20515

Dear Congressperson ______:

The politicians must quit digging.  “When you are in a hole, quit digging.”  Now is the time to reflect and think clearly about this “Economic 9/11” that has been foisted on the Republic by Wall Street with the involvement of far too many equally greedy American citizens.

The bailout bill is a travesty that will create more intermediate-term problems without solving any current ones.  The only way to fund the bailout will be to print money or borrow it from the Chinese and other countries.  Either source of funds is fraught with even worse economic consequences in the next six months.

If ma and pa store owner in [local towns] cannot get credit, then establish a program to allow direct short-term emergency loans from the government, perhaps the SBA, to meet their credit needs.  If someone cannot get a loan to purchase a vehicle, establish a program to provide a loan and take a security interest in the vehicle.  The New York banks have all the money in the world and still refuse to loan it.  Why reward that behavior by giving them more money?  Why push on a string?

The Senate is often described as the more deliberative body.  It is a wholly-owned subsidiary of the banking industry, lock, stock and sinker.

Bernanke showed tremendous promise, but he has failed.  Paulson is part of the problem and should not be vested with the powers of a czar/dictator/central planner so that he can benefit his friends and former colleagues.

The economic and business press is behind this bill in part because, with a few notable exceptions, they have so miserably misunderstood and misrepresented the problem for years.

This is a time for courage.  Vote against this version and make a public statement that the “leadership” must make another effort to provide a sound bill or the negative economic consequences will be their responsibility.  Let the House shine.



Bumper sticker of the week:

Otter:  “I think this situation absolutely requires a really futile and stupid gesture be done on somebody’s part.”

Bluto:  “We’re just the guys to do it.”

“Animal House” movie (1978).