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Posted on 10/07/2008 4:37:46 PM PDT by pissant
To: United States Congress, President Bush
To President George W. Bush, Senators, and Congressman:
We the people and taxpayers of the United States of America demand that you immediately rescind the Emergency Economic Stability Act (better known as 'The Bailout') which was passed and signed into law on October 3, 2008, against the expressed will of the people.
This Bailout must be overturned immediately to prevent permanent damage to the market economy of the United States - a market economy that has led the world for many decades; a market economy based on freedom to succeed and freedom to fail as envisioned in our founding principles; a market economy that has produced a standard of living previously unknown in the history of mankind; and a market economy which has led to innovations in science, medicine, technology and entrepreneurship that is the pride of our fathers and the inheritance of our children.
5 Critical Reasons to Kill The Bailout
1. Socialism. The problem with the mortgage/housing industry which caused, in large part, the current so called 'crisis' was the direct result of socialistic, politically correct regulations which forced banking institutions (including Fannie Mae and Freddie Mac) to accept and encourage widespread sub-prime lending. Fixing a problem caused by socialism (sub-prime lending) with more socialism (taxpayer buyouts of toxic assets) is like pouring gasoline on a fire and is antithetical to the American economic model.
2. The Stock Market has voted. As soon as President Bush and Secretary Paulson proclaimed to the world that we are in a "crisis", the stock market responded as expected - it began to drop. But it did not begin to drop for the reasons that the elite investment house minions claimed (the same talking heads whose companies stood to profit from the removal of the toxic assets from their balance sheets). Rather it dropped because the politicians and elites talked down the economy - in the hopes of a self fulfilling prophecy to push the 'bailout'. By the First week of October, the citizens and the investors understood what the bailout legislation entailed and DID NOT APPROVE. September 30, the day after the the House voted HELL NO , the DOW rallied by 485 points. October 2, the day after the Senate passed their porked up version of the bill, the market dropped by 350. And on Friday October 3, with the hope that the House would once again kill this socialist boondoggle, the DOW raced up more than 300 points. After the House inexplicably voted in favor of the bill, the markets plunged rapidly by more than 450 points. Monday Oct 6: Down another 370. Tuesday Oct 7: Down 508 more.
3. Losing Retirement. It has been estimated that in the last week alone, the 401Ks and the Pension funds of the citizens of this country have lost between 2 and 3 TRILLION dollars in value. It is criminal and unacceptable that ham-handed socialist meddling in the free market has exacerbated and worsened the overdue housing market correction that was already well underway and near the bottom of its recovery curve.
4. Who's the Boss? Is it the politicians and their friends at Goldman Sachs and Fannie Mae who get to decide how our hard earned dollars are spent? Do the bureaucrats in the Treasury Department and Federal Reserve answer to those risk taking CEOs at Washington Mutual, AIG, and Wachovia bank? NO! Each and every one of you works for a group of constituents who put you in office. We demanded that you not compound your errors of poor oversite by pledging our money and our childrens' money to rescue those institutions that had rotten planning and poor investments. The people are in charge. It is high time you listen.
5. The Constitution. We have read and re-read the Constitution of the United States of America. It was constructed by the greatest group of men ever to assemble in one place - during the sweltering Philadelphia summer of 1787. In 4 months, men with names like Franklin, Madison, Morris, Washington, and Mason created the guiding document for governing our Republic. It is a simple, brilliant, and short document - very much unlike the 500 page bailout 'novel' you kludged together in a few short days. And lo and behold, there is not a single line in that Constitution that provides the federal government with the power to forcibly take the citizens money for the purpose of saving businessmen from their folly. Regardless of the intentions, it simply is not allowed. If you want to amend the Constitution to allow this type of redistribution of wealth (in this case, negative wealth), we demand you follow the protocol drafted by James Madison for how to do that.
In closing, there are hundreds of options that you, our Federal Government, has for assisting with the so called "credit crunch" and the "toxic assets" that are currently plaguing Wall Street. The House Republicans have a plan. The former head of the FDIC has a simple 3 step plan. Other economists have plans ranging from doing nothing and letting the markets self correct to providing targeted loans and tax cuts.
Whichever tools you choose to use, we demand that the $850 billion dollar confiscation of our money is NOT among them. Kill the Bailout now.
Sincerely,
The Undersigned
Excellent! Thanks for posting.
ping.
Sign all you want, they INCLUDING GEORGE W. BUSH, are not going to call it back. They will never do it. Bush will befriend a conservative before he calls it back.
Signed. Thanks for the ping!
Ping
Freeped!
and thank you!
Congress critter ping!
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Many here tried to warn him.
bump
FReeped.
Thanks for the ping, pissant.
Now we’re talking. This has been done before: In Pennsylvania, voter anger and activism caused lawmakers to rescind an outrageous midnight pay raise. I also remember years ago of some health care bill for seniors that passed and actually cheezed off some seniors so much that one congressman was assaulted by a bunch of cane wielding grannies. If enough people rise up and make a stink, we can do this.
I think most Americans didn’t believe that we could have a recession let alone another depression. Just plain old ignorance and denial. Consequently they didn’t move their retirements over to something safer such as income (bonds)or money market funds ahead of time.
Then they sold off and realized they had lost a couple of years worth of gains. That’s what they are pissed about...... their own lack of knowledge about how to protect their retirement and sheer laziness for not learning about it beforehand.
There’s another crowd that needs to take some of the blame, the FReepers who ridiculed the “doom and gloom” posters. Yeah, what could never happen has happened and guess who didn’t lose a dime, the doom and gloomers.
I truly hope the shills for the Bush economy lost a large chunk of their investments but I doubt that they did. I have a hunch they were talking out of both sides of their mouths at the same time. Protecting their own investments while promoting that everyone else stay in the market.
I’m the 4th Ohio Signature. At least my Rep voted against it. Latourette Called these bums out on Friday but they blocked his proposed amendment.
Almost everyone expected a market correction due to the housing sector and the bad loans associated with it. Few expected the Fed and the politicians to jump in a make a market correction 10 times worse than it would have been.
THANKS to all of you. Please email the link the petition’s website to everyone you know!!! Let’s get this turd flushed.
Thanks for the ping and petition!
Or the white house.....
As much as I hated it, I knew the Fed and the politicians would jump in and sign the bailout making the market correction 10 times worse than it would have been without it. How did I know this? I knew that they would never abandon their most solid supporters, the American business corporations traded on Wall Street.
If the American national and international business corporation wants something, they send a lobbyist to the District of Corruption with a Bill properly written up and suitcases full of money. As the lobbyist goes office to office saying, “Sign this Bill and receive your share of political contributions, Sir”, the legislators don’t ask to read the Bill, they get in line with their hands out.
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