No Blank Check. Ensure Fiscal
By Paul Merrill
September 22, 2008
I am very worried about the proposed bailout of the financial
services industry that will cost US taxpayers nearly a TRILLION
dollars. I've spent all morning writing my elected officials
and the chairmen of the House and Senate Finance Committees and
I encourage you to do the same.
Fiscal conservatism - Rest In Peace...
Long a cornerstone of the Republican Party, we seem to have have
lost all sense of any sort of fiscal restraint. The bailout
plan calls for raising the statutory limit on the national debt
from $10.6 trillion to $11.3 trillion to pay for this plan.
We cannot borrow our way out of this mess - that's how we got
here in the first place.
As written, the plan allows no oversight by Congress or any court.
It does not protect any homeowner in financial difficulty.
It does nothing to ensure that lax lending practices are reined
in, or regulate the exotic debt instruments that let the finance
industry hide their failures from both their shareholders and
regulators. Our tax dollars will pay full retail for the most
toxic and worthless loan packages and let the bankers get off
Today the plan was broadened to include FOREIGN banks holding
US mortgages. Barclays and UBS stand to get the relief of US
taxpayers' hard-earned dollars. Phil Gramm - the architect of
deregulation in the banking industry and chief financial advisor
to John McCain - is both vice chairman of UBS's US division and
a lobbyist for UBS. Lucky for them.
This transcends party politics. Please, insist on responsible
bipartisan oversight of the bailout or our kids and grand kids
will be paying for this for generations.
About: "Part-Time Ketchikan
Received September 22, 2008
- Published September 22, 2008
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