Please do all in your power to oppose the Paulson-Bernanke bailout plan. I understand that there are arguments against the plan from all different sides: from Democrats who think the bill lacks enough regulation as well as from Republicans who are opposed to the expansion of our government as well as our debt. I identify as a Democratic Socialist, but think that the plan proffered does not establish safeguards against another crisis, nor does it give the taxpayers who will fund the bailout any share in a fiscal rebound.
Bad mortgages are only one part of a larger economic downturn, and issues such as the evaporation of industry and jobs and the high cost of healthcare need to be addressed as part of a comprehensive solution. The companies responsible for creating a financial disaster through insufficient vetting of borrowers and predatory lending practices should be held accountable and, if necessary, be allowed to fail. The American public needs an economic and cultural wake-up call. We need the long, painful process of a depression to re-learn fiscal responsibility, the value of strong industry led by empowered workers, and a sense of frugality but also a sense of generosity.
I hope that you will be proactive and passionate in your opposition to this legislation, as well as look for sound ways to guide our country through the financial crises yet to come. Thank you for your service!
Monday, September 22, 2008
Opposing the Bailout
Below is the text that I've sent to both my senators today: