Document to Send to Your Reps and Senators

Market Ticker Forum ^ | 10/6/2008 | Karl Denninger

[nicola_tesla]

Make sure you send this one page document to your CONgresscritter's HOME offices as well as the Washington offices.

NAIL THEM often !

Document to sent to your CONgresscritter>

[nicola_tesla]

Send it out now, and follow up on November 4th with action.

[HighlyOpinionated]

PING

[JoeFromSidney]

Everyone who voted for the Bailout (now re-christened the Rescue) must be defeated the next time they stand for election (all Representatives stand for election this November). You may be thinking, "weeeeeelll, my congresscritter is good on issue X." No. He showed his true colors by voting for the Bailout. Get rid of him.

Contribute to the campaign of the opponent of anyone who voted YES.

Go to the election headquarters of the opponent and get yard signs and bumper stickers. Display them, and distribute them to friends and family.

Write letters to your local newspaper, opposing the treacherous congresscritter. Use these talking points:

• The Bailout does nothing to repeal the Community Reinvestment Act. Banks are still legally required to make loans to unqualified people.
• The Bailout does nothing to eliminate "Mark to Market." Banks can still see their capital evaporate if some other bank has to sell its assets at fire-sale prices. (The SEC has modified the rule, but they can restore it at any time.)
• The Bailout does nothing to correct Fannie and Freddie. Putting in new management doesn't alter the underlying problem, that they are backed by the taxpayer.
• The Bailout does nothing to correct the Fed's inflationary policies, which fueled the housing bubble.
• The Bailout will cost at least $2300 per person, $9100 per household, and $5300 per income tax filer.

If there's a talk show in your area, call in and lambaste your congresscritter for voting for this abomination. Call in to national talk shows urging that everyone who voted YES be voted out.

If your congresscritter voted NO, then do the opposite of these things. Support your congresscritter and work against his opponent.

There is still time to act before the election. We can make the Representatives who voted YES pay for their vote. Those Senators who are up for election this year can also be made to pay.

Remember, ballot box, jury box, cartridge box, in that order. Let's use the ballot box while we still have it.

[nicola_tesla]

Amen.

The ONLY thing I disagree with is your comment about Mark to Market. Continued lying about the valuation of the assets on their books are what is the prime cause of the distrust in the market. Level 2 and Level 3 assets MUST be Marked to MArket. That’s called “Present Net Value”.

Let’s face it - a mortgage in CA for $900k on a house that is now valued at 400K that is currently in foreclosure with no occupant and in a location that is still falling is not going to return to a value of 900k perhaps ever. Let’s not pretend they will.