I just read the the front page of the New York Times. In response, I wrote all of my representatives to convince them to vote against another cataclysmic mistake in a series of cataclysmic mistakes. Here's the text of my letter:
I ask you, with utmost urgency, to oppose the $25 billion bailout for the big three auto companies. Though there are numerous reasons to vote against it, I will focus on just one: the source of the funds.
According to the New York Times, the $25 billion is likely to be taken from "subsidized loans intended for developing advanced fuel efficient cars." I think this sends the Big Three the wrong message. If we give them money that was intended to be used to revamp the industry, it will encourage them to continue nefarious business practices that caused their collapse.
To understand their backwards mentality, turn on any TV and watch the car commercials. These companies are emphasizing big vehicles that conform to an outdated concept of "manliness." It is obvious that these companies are not listening to consumer demands for smaller more fuel efficient vehicles; otherwise they would have evolved their business model according to their customer's desires.
We cannot reward a private industry that fails to supply consumer's demand. Bailing out these companies not only undermines our capitalist system, it will rob the American people of crucial funds that should be saved for progressive policies that provide jobs for our ailing economy.
Once again, vote NAY to any piece of legislation that provides the auto industry with tax dollars. Thank you.
Sincerely,
Matthew Brinn
Concerned Citizen
I urge you all to copy this letter (or write your own) telling your representatives to vote against any legislation that allocates funds to bailing out the auto industry!
-Matt
Friday, December 5, 2008
Wednesday, December 3, 2008
T. Boone Pickens discounts everything that Stephen Moore thinks/says...
T. Boone Pickens, the biggest advocate for the expansion of wind energy in America, argued his cause against Stephen Moore of the Wall Street Journal.
Pickens began the argument by stressing the necessity for America to relinquish its dependence on foreign oil by embracing green energy technologies. He expanded on this point by providing thorough knowledge on existing resources, their allocation, and the feasibility of maintaining our current lifestyle. In short, we can't. According to Pickens, who has worked and managed energy plants for his entire life, if America scoured its lands for nonrenewable energy, it'd be able to provide just four million barrels of oil a day for a limited number of years. Currently, the USA consumes 12 million barrels each day.
Moore, at this point, interjected with his views. "Oil doesn't come from the ground, it comes from our minds," he said, "I don't believe in peak oil."
Pickens, obviously flustered by the remark, emphasized the cost of drilling in these places. "Yeah, we can drill 30,000 feet into the Gulf of Mexico. It'll cost $120 million and, if we're lucky, we'll get four billion barrels, not the 20 billion figure that is being tossed around Congress," he argued. On more than one occasion, Pickens was able to provide statistical and monetary information that Moore was unaware of. Throughout the course of the debate, Moore repeatedly nodded his head in agreement with Pickens rebuttal. "Yes, well, you'd know those numbers better than I would," he said.
This, in my opinion, is a microcosm of America's energy ideologies. On one side, you have pragmatists who realize that our lifestyle is unsustainable and needs to move in a new direction. On the other side, people blinded by their preference to maintain the status quo skew figures and refuse to accept basic facts. Whether you believe oil is running dry or that it'll last forever, the truth is that oil is destroying our environment so, therefore, it's killing us. We have made the basic technological innovations to leave fossil fuels behind, but special interests only concerned with today's profits are hampering our progress. Let's move forward with these new ideas so that one day, years from now, we can watch this debate and chuckle at Stephen Moore's ignorance because, honestly, that's all his opinion deserves.
-Matt
Pickens began the argument by stressing the necessity for America to relinquish its dependence on foreign oil by embracing green energy technologies. He expanded on this point by providing thorough knowledge on existing resources, their allocation, and the feasibility of maintaining our current lifestyle. In short, we can't. According to Pickens, who has worked and managed energy plants for his entire life, if America scoured its lands for nonrenewable energy, it'd be able to provide just four million barrels of oil a day for a limited number of years. Currently, the USA consumes 12 million barrels each day.
Moore, at this point, interjected with his views. "Oil doesn't come from the ground, it comes from our minds," he said, "I don't believe in peak oil."
Pickens, obviously flustered by the remark, emphasized the cost of drilling in these places. "Yeah, we can drill 30,000 feet into the Gulf of Mexico. It'll cost $120 million and, if we're lucky, we'll get four billion barrels, not the 20 billion figure that is being tossed around Congress," he argued. On more than one occasion, Pickens was able to provide statistical and monetary information that Moore was unaware of. Throughout the course of the debate, Moore repeatedly nodded his head in agreement with Pickens rebuttal. "Yes, well, you'd know those numbers better than I would," he said.
This, in my opinion, is a microcosm of America's energy ideologies. On one side, you have pragmatists who realize that our lifestyle is unsustainable and needs to move in a new direction. On the other side, people blinded by their preference to maintain the status quo skew figures and refuse to accept basic facts. Whether you believe oil is running dry or that it'll last forever, the truth is that oil is destroying our environment so, therefore, it's killing us. We have made the basic technological innovations to leave fossil fuels behind, but special interests only concerned with today's profits are hampering our progress. Let's move forward with these new ideas so that one day, years from now, we can watch this debate and chuckle at Stephen Moore's ignorance because, honestly, that's all his opinion deserves.
-Matt
Tuesday, December 2, 2008
President-Elect Obama addresses governors...
Earlier today, President-Elect Obama called a meeting with the governors of all fifty states to discuss his plans to launch a coordinated effort to fix our financial situation.
I just finished watching his statements on C-SPAN, it was as refreshing as it was moving. To hear a politician humbly ask for help, not just from his Democratic buddies, but from Republicans as well, put a smile on my face. One thing in particular that he said nearly brought a joyful tear to my eye.
He said, "I offer you [Republicans] the same hand of friendship and the same commitment to partnership that I do to my Democratic colleagues. There is a time for campaigning and a time for governing...We are not going to be hampered by ideology while trying to get this country back on track. We want to figure out what works."
He went on to discuss his desire to try gubernatorial ideas from either party that work on the state level in Washington. I can't remember a time when an American leader had the pragmatism and the humility to ask for help in such a way. Later, during the press conference, Governor Rendell of Pennsylvania said that such a meeting during a transition period was "unprecedented."
As trite as it is to say at this point, I'm excited. I have that nervous excited feeling in the pit of my stomach, and I can't wait to see what happens next.
-Matt
I just finished watching his statements on C-SPAN, it was as refreshing as it was moving. To hear a politician humbly ask for help, not just from his Democratic buddies, but from Republicans as well, put a smile on my face. One thing in particular that he said nearly brought a joyful tear to my eye.
He said, "I offer you [Republicans] the same hand of friendship and the same commitment to partnership that I do to my Democratic colleagues. There is a time for campaigning and a time for governing...We are not going to be hampered by ideology while trying to get this country back on track. We want to figure out what works."
He went on to discuss his desire to try gubernatorial ideas from either party that work on the state level in Washington. I can't remember a time when an American leader had the pragmatism and the humility to ask for help in such a way. Later, during the press conference, Governor Rendell of Pennsylvania said that such a meeting during a transition period was "unprecedented."
As trite as it is to say at this point, I'm excited. I have that nervous excited feeling in the pit of my stomach, and I can't wait to see what happens next.
-Matt
Monday, December 1, 2008
George W. Bush apologizes, hopes history will gloss over the last eight years...
In an interview with Charlie Gibson that will air later tonight, George W. Bush expressed hope that he will remembered for combating the AIDS virus.
Let's take a look at an important statistic, provided by Avert.org.
Notice the downward trend once Bush takes office in 2001? No? That's because teen pregnancies, AIDS, and other STIs have gone up since Bush took office thanks to a faith-based initiative to force schools to teach abstinence only sex education. The result is the same amount of teen sex, but less forethought to use protection. So, according to statistics, Bush wants to be remembered for spreading sexual ignorance.
I guess that's better than being remembered for eliminating civil rights, over 4000 US deaths in an unjust war, sitting idle during a global economic meltdown, and refusing to act during the most destructive natural disaster in our history. If you look at it like that, he chose wisely.
-Matt
Let's take a look at an important statistic, provided by Avert.org.
Notice the downward trend once Bush takes office in 2001? No? That's because teen pregnancies, AIDS, and other STIs have gone up since Bush took office thanks to a faith-based initiative to force schools to teach abstinence only sex education. The result is the same amount of teen sex, but less forethought to use protection. So, according to statistics, Bush wants to be remembered for spreading sexual ignorance.I guess that's better than being remembered for eliminating civil rights, over 4000 US deaths in an unjust war, sitting idle during a global economic meltdown, and refusing to act during the most destructive natural disaster in our history. If you look at it like that, he chose wisely.
-Matt
Revamp...
Yes, I've been neglectful, but let's try something new. See that new header? It means that this blog is taking a new direction. Ladies and gentlemen, I'm going to start writing about issues (talkin' 'bout the issues but keeping it funkay!) that I have some insight on. Things like, the global economic meltdown, the crazy people that are being thrown to the forefront of the "new" Republican party, Obama's transition to the White House, and maybe this huge thesis I have to write over the next six months on the politics of the Great Depression and how they are being rehashed, day by day, in the waning months of 2008.
Bored? Too bad. This is what I've been thinking and reading about, so this is what I'm going to write about. Stick around, hopefully I'll say something smart..:-)
-Matt
Bored? Too bad. This is what I've been thinking and reading about, so this is what I'm going to write about. Stick around, hopefully I'll say something smart..:-)
-Matt
Wednesday, November 5, 2008
Senator President Obama...
It's been a long month. My absence, which I've learned has filled countless buckets with the salty tears of disillusionment, can no longer be tolerated. It is time to speak, so speak I shall.
Last night, at 6:30 PM, I was frantically pacing across a cold tile floor, my heart racing, my hair graying. At 7:00 PM, I was driving. Erratically. On NPR, I heard news of hope.
"I'm standing in a hotel conference hall where Republicans are meant to be gathering for a victory celebration. The cheese is out, the tables are set, but there are only a few people here, and they don't look very happy. Judging on each Party's party, I'd say the Democrats have this one in the bag."
I smashed through my door and turned on my computer and television. As I watched MSNBC, C-SPAN, CNN, and Fox, I surfed New York Times, Washington Post, Electoral Vote, and Digg. My eyes strained, my mind stretched, and my fingers flew as each passing moment brought news of both victory and defeat.
"Obama has taken both Pennsylvania and Ohio. McCain's road from here is VERY steep."
At 10:30 PM, I cracked the first of many smiles.
As the West Coast polls closed, it was clear the end was in sight. New data was pouring in, Obama had taken Virginia. My mind eased and my fingers slowed. In a few minutes, John McCain would concede the election.
And concede he did. I hate John McCain's policies. I hate John McCain's temperament and judgment. I DESPISE the way John McCain ran his campaign. HOWEVER. I have a deep respect for John McCain's graceful bow to the better man, and his sincerity in wishing that his followers band together with the rest of the nation to solve the problems of tomorrow. Kudos John McCain, you have regained your dignity.
At midnight, November 5th, 2008, history was made. President-elect Barack Obama walked on stage with his family, thanked the crowd, then delivered the greatest speech of our generation.
---
Today, we turn the page on eight long years of fear. Eight years of lies. Eight years of secrets. Eight years of war, of fundamentalism, of divisive hatred. Today, we look forward to eight years of hope. Eight years of truth. Eight years of transparency. Eight years of peace, of hard work, of unity.
Many difficult days preceded today's triumph, and many difficult days lie ahead. But, now, with the dark days of despair behind us, we can turn our eyes toward the warm, distant light ahead and work to break the chains of ignorance that have held us back for so long. Today is both the end and the beginning. A long and difficult road is ahead of us, but I'm ready. Ready to stand up and fight for my future, ready to work tirelessly to restore the ideals upon which this nation was founded, and ready to embrace the hardships that await us.
Today, for the first time in my adult life, I'm not ashamed to call myself an American..:-)
-Matt
Last night, at 6:30 PM, I was frantically pacing across a cold tile floor, my heart racing, my hair graying. At 7:00 PM, I was driving. Erratically. On NPR, I heard news of hope.
"I'm standing in a hotel conference hall where Republicans are meant to be gathering for a victory celebration. The cheese is out, the tables are set, but there are only a few people here, and they don't look very happy. Judging on each Party's party, I'd say the Democrats have this one in the bag."
I smashed through my door and turned on my computer and television. As I watched MSNBC, C-SPAN, CNN, and Fox, I surfed New York Times, Washington Post, Electoral Vote, and Digg. My eyes strained, my mind stretched, and my fingers flew as each passing moment brought news of both victory and defeat.
"Obama has taken both Pennsylvania and Ohio. McCain's road from here is VERY steep."
At 10:30 PM, I cracked the first of many smiles.
As the West Coast polls closed, it was clear the end was in sight. New data was pouring in, Obama had taken Virginia. My mind eased and my fingers slowed. In a few minutes, John McCain would concede the election.
And concede he did. I hate John McCain's policies. I hate John McCain's temperament and judgment. I DESPISE the way John McCain ran his campaign. HOWEVER. I have a deep respect for John McCain's graceful bow to the better man, and his sincerity in wishing that his followers band together with the rest of the nation to solve the problems of tomorrow. Kudos John McCain, you have regained your dignity.
At midnight, November 5th, 2008, history was made. President-elect Barack Obama walked on stage with his family, thanked the crowd, then delivered the greatest speech of our generation.
---
Today, we turn the page on eight long years of fear. Eight years of lies. Eight years of secrets. Eight years of war, of fundamentalism, of divisive hatred. Today, we look forward to eight years of hope. Eight years of truth. Eight years of transparency. Eight years of peace, of hard work, of unity.
Many difficult days preceded today's triumph, and many difficult days lie ahead. But, now, with the dark days of despair behind us, we can turn our eyes toward the warm, distant light ahead and work to break the chains of ignorance that have held us back for so long. Today is both the end and the beginning. A long and difficult road is ahead of us, but I'm ready. Ready to stand up and fight for my future, ready to work tirelessly to restore the ideals upon which this nation was founded, and ready to embrace the hardships that await us.
Today, for the first time in my adult life, I'm not ashamed to call myself an American..:-)
-Matt
Sunday, October 5, 2008
Fight the bailout...
For those that don't know, both the House and the Senate passed a bill to use $850 billion taxpayer dollars to bailout Wall Street investors and conglomerate banking institutions. The stock market continued dropping. On top of that, President Bush side-stepped the whole democratic process prior to the passage and had the federal reserve print an additional $630 billion. In short, America will soon be the victim of hyperinflation much like Germany after World War I.
I wrote my Congressman urging him to vote against the bailout. Surprisingly, he responded.
Dear Mr. Brinn:
Thank you for contacting me about Congressional action to address our
nation's economic crisis. I appreciate hearing from you.
Today the House of Representatives debated H.R. 1424, the Emergency
Economic Stabilization Act of 2008. This bill aims to prevent harm to
Americans that would result from a collapse of our nation's financial
system. I voted for H.R. 1424, which passed by a vote of 263 to 171.
President Bush promptly signed this bill into law.
I share my constituents' anger about this mess and how we got here. The
government did so much wrong, and while Democrats in Congress tried to
set them straight many times, we obviously did not do so strongly
enough.
At the outset of the debate over the original, unacceptable Bush-Paulson
proposal, I argued that the bill would need to include these principles:
taxpayer ownership and protection, aggressive oversight, and help for
homeowners. These principles are all met in part, but this bill is not
perfect. For one thing, the Secretary of the Treasury should have even
greater limits. The cost recovery from the financial district should be
sooner. I dislike the Senate's adding extraneous tax provisions. Every
Member of Congress has a better idea of how to fix the problem, but no
one has 218 votes for his or her plan. This is the compromise.
As I can tell, there would be harm in doing nothing. The crisis is real.
We need to act quickly to staunch this crisis of confidence, because if
credit locks up, it affects ordinary Americans, ordinary homeowners, and
every small business. It is already happening.
Some have suggested we defeat this bill to teach a lesson to Wall Street
highflyers. We could do that. We could teach a lesson to Secretary
Paulson, President Bush, and the regulatory agencies. We could teach a
lesson to the mortgage companies who entice borrowers to get over their
heads. We could teach the Senators a lesson not to attach extraneous
things to a financial bill. We could let the credit markets freeze up.
We could let small businesses fail to meet next week's payroll. We
could let college students drop out because they can't pay tuition. We
could leave farmers, homeowners, and factories out in the cold. Would
that teach the right lesson to the right people? I don't think so.
Instead, I supported this bill because there is more harm if we do not
act, because of its improvements, because it will cost far less than the
original Paulson proposal, because it adheres to the principles we laid
out at the beginning of the debate, and because it includes a temporary
Alternative Minimum Tax fix and my own property tax relief initiative.
We will be making a serious mistake, however, if we do not act further
to address this crisis. There remain long-term problems: problems of
bond traders wheeling and dealing in paper with no thought of the homes,
factories, and people behind these bonds; problems of some employers who
show no allegiance to their workers; problems of families who even in
good times consume more than they save; problems at regulatory agencies
that revel in the unrestrained trading.
We have more to do to address our weak economy, which we learned today
has seen a loss of 159,000 jobs in the last month. I will continue to
lead efforts in Congress to get to the root of the problem, repair bad
mortgages, and to help middle class families. We need a program similar
to the Home Owner's Loan Corporation (HOLC), which the Federal
Government created in 1933 in that mortgage crisis. The program, which
lasted 20 years, shored up a collapsing market by purchasing delinquent
mortgages at a discount and working with homeowners to restructure the
mortgages into more manageable terms. Congress and President Roosevelt
authorized HOLC for $4.75 billion - or $76 billion in today's dollars.
With this investment, in its first two years, HOLC helped more than 1
million homeowners. When the HOLC finally ended, it showed a net $14
million surplus for taxpayers. We should not wait for a new
administration to address our nation's pressing economic concerns.
Again, thank you for contacting me about this crucially important issue.
I look forward to hearing from you again about this or any other matter
of concern.
Sincerely,
RUSH HOLT
---
He told me that Republicans were to blame and Democrats had been trying for years to avert this crisis. In short, he lied to me. I replied.
Dear Mr. Holt:
Thank you for the quick and lengthy reply. I appreciate your sense of duty
to maintain a dialogue with your constituents. However, I must say that I
fundamentally disagree with your decision to turn a blind eye to the
majority of Americans by voting yes for this bill
(http://tinyurl.com/4gox6n). Understand that this issue is the defining
issue of this generation, so your failure to listen will cost you my vote
and the vote of everybody I know come November 4th.
Here's why.
You said, "I share my constituents' anger about this mess and how we got
here. The government did so much wrong, and while Democrats in Congress
tried to set them straight many times, we obviously did not do so strongly
enough."
The blame for this economic mess does not fall solely on Republicans,
Democrats, Wall Street Suits, or Irresponsible Homeowners. Here are the
facts.
The federal reserve cut interest rates to a record low after the dot-com
bubble, allowing homeowners to purchase houses beyond their means. Both
Republicans and Democrats are to blame for supporting mortgage tax
deductions which gave additional incentive to these buyers. Real estate
agents continually sold large houses to families that couldn't afford them
so that they could make more commission. The Clinton Administration pushed
hard for low down-payment requirements for middle and low class families.
Mortgage brokers gave uncredited buyers adjustable loans with interest
rates that grew exponentially over time. Wall Street firms turned these
high risk loans into Mortgage Backed Securities, while the Bush
Administration turned a blind eye. Finally, it was everybody's fault to
believe that the housing bubble would continue expanding indefinitely.
(http://tinyurl.com/4tsmnf)
Market bubbles, by definition, must pop. We are at a critical moment in
America's economic history, and we need to choose our actions wisely. The
right thing to do is to let the financial institutions at fault collapse,
which will provide opportunity for a larger number of smaller banks to
take their place. More banks means more competition. This will drive
housing prices down to their true worth while providing new jobs in the
banking sector.
At this point, depression is inevitable. We should take our punches now by
letting the conglomerate banks fail, having the market correct itself in a
year or so. Instead, you've decided to print $800+ billion dollars in
order to temporarily save these failed institutions. Instead of allowing
the market to correct itself, you've inflated the bubble to the point that
a pop would cause global economic Armageddon. Where is the $800 billion
coming from? Surely not through taxation, that would bankrupt millions of
Americans causing riots in the streets. No, the plan is to create this
money from thin air, destroying the value of our currency and driving the
price of necessities sky high.
By voting yes for this bill, you've made your choice. Unfortunately, it
was the wrong one, and America will pay the price. You and everybody who
voted for this bill are to blame for the inevitable economic crisis that
will come, so don't be surprised when you lose reelection on November 4th.
You'll have earned it.
Sincerely,
Matt Brinn
Concerned Citizen
---
I urge you all to write your own representatives to let them know that they will lose reelection if they continue to ignore their constituents. It's time to stand up and fight for our right to life, liberty, and the pursuit of happiness..!
-Matt
I wrote my Congressman urging him to vote against the bailout. Surprisingly, he responded.
Dear Mr. Brinn:
Thank you for contacting me about Congressional action to address our
nation's economic crisis. I appreciate hearing from you.
Today the House of Representatives debated H.R. 1424, the Emergency
Economic Stabilization Act of 2008. This bill aims to prevent harm to
Americans that would result from a collapse of our nation's financial
system. I voted for H.R. 1424, which passed by a vote of 263 to 171.
President Bush promptly signed this bill into law.
I share my constituents' anger about this mess and how we got here. The
government did so much wrong, and while Democrats in Congress tried to
set them straight many times, we obviously did not do so strongly
enough.
At the outset of the debate over the original, unacceptable Bush-Paulson
proposal, I argued that the bill would need to include these principles:
taxpayer ownership and protection, aggressive oversight, and help for
homeowners. These principles are all met in part, but this bill is not
perfect. For one thing, the Secretary of the Treasury should have even
greater limits. The cost recovery from the financial district should be
sooner. I dislike the Senate's adding extraneous tax provisions. Every
Member of Congress has a better idea of how to fix the problem, but no
one has 218 votes for his or her plan. This is the compromise.
As I can tell, there would be harm in doing nothing. The crisis is real.
We need to act quickly to staunch this crisis of confidence, because if
credit locks up, it affects ordinary Americans, ordinary homeowners, and
every small business. It is already happening.
Some have suggested we defeat this bill to teach a lesson to Wall Street
highflyers. We could do that. We could teach a lesson to Secretary
Paulson, President Bush, and the regulatory agencies. We could teach a
lesson to the mortgage companies who entice borrowers to get over their
heads. We could teach the Senators a lesson not to attach extraneous
things to a financial bill. We could let the credit markets freeze up.
We could let small businesses fail to meet next week's payroll. We
could let college students drop out because they can't pay tuition. We
could leave farmers, homeowners, and factories out in the cold. Would
that teach the right lesson to the right people? I don't think so.
Instead, I supported this bill because there is more harm if we do not
act, because of its improvements, because it will cost far less than the
original Paulson proposal, because it adheres to the principles we laid
out at the beginning of the debate, and because it includes a temporary
Alternative Minimum Tax fix and my own property tax relief initiative.
We will be making a serious mistake, however, if we do not act further
to address this crisis. There remain long-term problems: problems of
bond traders wheeling and dealing in paper with no thought of the homes,
factories, and people behind these bonds; problems of some employers who
show no allegiance to their workers; problems of families who even in
good times consume more than they save; problems at regulatory agencies
that revel in the unrestrained trading.
We have more to do to address our weak economy, which we learned today
has seen a loss of 159,000 jobs in the last month. I will continue to
lead efforts in Congress to get to the root of the problem, repair bad
mortgages, and to help middle class families. We need a program similar
to the Home Owner's Loan Corporation (HOLC), which the Federal
Government created in 1933 in that mortgage crisis. The program, which
lasted 20 years, shored up a collapsing market by purchasing delinquent
mortgages at a discount and working with homeowners to restructure the
mortgages into more manageable terms. Congress and President Roosevelt
authorized HOLC for $4.75 billion - or $76 billion in today's dollars.
With this investment, in its first two years, HOLC helped more than 1
million homeowners. When the HOLC finally ended, it showed a net $14
million surplus for taxpayers. We should not wait for a new
administration to address our nation's pressing economic concerns.
Again, thank you for contacting me about this crucially important issue.
I look forward to hearing from you again about this or any other matter
of concern.
Sincerely,
RUSH HOLT
---
He told me that Republicans were to blame and Democrats had been trying for years to avert this crisis. In short, he lied to me. I replied.
Dear Mr. Holt:
Thank you for the quick and lengthy reply. I appreciate your sense of duty
to maintain a dialogue with your constituents. However, I must say that I
fundamentally disagree with your decision to turn a blind eye to the
majority of Americans by voting yes for this bill
(http://tinyurl.com/4gox6n). Understand that this issue is the defining
issue of this generation, so your failure to listen will cost you my vote
and the vote of everybody I know come November 4th.
Here's why.
You said, "I share my constituents' anger about this mess and how we got
here. The government did so much wrong, and while Democrats in Congress
tried to set them straight many times, we obviously did not do so strongly
enough."
The blame for this economic mess does not fall solely on Republicans,
Democrats, Wall Street Suits, or Irresponsible Homeowners. Here are the
facts.
The federal reserve cut interest rates to a record low after the dot-com
bubble, allowing homeowners to purchase houses beyond their means. Both
Republicans and Democrats are to blame for supporting mortgage tax
deductions which gave additional incentive to these buyers. Real estate
agents continually sold large houses to families that couldn't afford them
so that they could make more commission. The Clinton Administration pushed
hard for low down-payment requirements for middle and low class families.
Mortgage brokers gave uncredited buyers adjustable loans with interest
rates that grew exponentially over time. Wall Street firms turned these
high risk loans into Mortgage Backed Securities, while the Bush
Administration turned a blind eye. Finally, it was everybody's fault to
believe that the housing bubble would continue expanding indefinitely.
(http://tinyurl.com/4tsmnf)
Market bubbles, by definition, must pop. We are at a critical moment in
America's economic history, and we need to choose our actions wisely. The
right thing to do is to let the financial institutions at fault collapse,
which will provide opportunity for a larger number of smaller banks to
take their place. More banks means more competition. This will drive
housing prices down to their true worth while providing new jobs in the
banking sector.
At this point, depression is inevitable. We should take our punches now by
letting the conglomerate banks fail, having the market correct itself in a
year or so. Instead, you've decided to print $800+ billion dollars in
order to temporarily save these failed institutions. Instead of allowing
the market to correct itself, you've inflated the bubble to the point that
a pop would cause global economic Armageddon. Where is the $800 billion
coming from? Surely not through taxation, that would bankrupt millions of
Americans causing riots in the streets. No, the plan is to create this
money from thin air, destroying the value of our currency and driving the
price of necessities sky high.
By voting yes for this bill, you've made your choice. Unfortunately, it
was the wrong one, and America will pay the price. You and everybody who
voted for this bill are to blame for the inevitable economic crisis that
will come, so don't be surprised when you lose reelection on November 4th.
You'll have earned it.
Sincerely,
Matt Brinn
Concerned Citizen
---
I urge you all to write your own representatives to let them know that they will lose reelection if they continue to ignore their constituents. It's time to stand up and fight for our right to life, liberty, and the pursuit of happiness..!
-Matt
Subscribe to:
Posts (Atom)
