It's not over yet. Just this minute Senator Richard Shelby was on CNBC says we don't necessarily have a plan. He also stated he had 5 pages of names of Economists who oppose the bailout.
People need to call the Senate and Congress to express their opposition, and to let Senators such as Shelby that they support his views.
I've already posted 4 separate letters on Yahoo's 'write-to-Congress' site--to Senators Shelby, Bunning, Boxer, and Feinstein.
(And I'm not done yet.)
Even though we're in California, my wife called Senator Shelby's office to thank him for his vocal and public opposition to this boondoggle.
If you want to write (Email) Congress, here are some links to try:
(Try to find the "Extra Impact" link. That's the one that should make your letter public.)
www3.capwiz.com/y/dbq/officials/www3.capwiz.com/y/mail/?id=547&type=CO&state=CA(This one is specific for Congressman Farr's district in CA)
www3.capwiz.com/y/mail/?id=20000&type=CO&state=TN(This one is specific for Senator Lamar Alexander of TN)
www3.capwiz.com/y/bio/keyvotes/?id=10902ssl.capwiz.com/y/mailapp/link------------
Here is a copy of the letter I emailed to Senator Richard Shelby, along with the link to the letter on Yahoo:
ssl.capwiz.com/y/bio/userletter/?letter_id=2433154496Subject:
$700 billion THEFT of taxpayers' money to bail out Wall Street Cosa NostraTo:
Sen. Richard Shelby
September 25, 2008
I just want to thank Senator Shelby for opposing the massive $700 billion theft of taxpayers' money to bail out Wall Street financial gangsters. Your commentary on CNBC today, including your reference to opposition by most economists, was very encouraging. It gives Americans hope that not all of our elected officials are Corporate shills. Please continue your opposition to this bailout. The PEOPLE of America are with you.
This economic decline was completely predictable. Many are surprised it didn't occur sooner. Personally, I thought the fall would occur 2-3 years ago. But the Corporate financial media managed to propagandize the American public into thinking all was well. Now it has progressed to the point where they can't cover it up any longer.
Home prices skyrocketed without there being any increase in the income of Americans to support them. The only thing driving them upward was easy credit and irresponsible lending. Demand was created by increasing borrowing ability, not increasing income. This scam was self-perpetuating, with financial institutions loaning still more money as they were able to dump their loans on irresponsible investors (in the form of Mortgage-Backed Securities), thus replenishing their lending capital, to make still more loans to uncreditworthy home-buyers.
And now the confidence game has ended. The true value of the overpriced Mortgage-Backed Securities (MBSs) has become apparent. The housing collateral supporting MBSs has dropped significantly in value, reducing the true market price of the MBSs as well. Since the holders of the MBSs refuse to sell them for the current *real* market price, they've been unable to replenish capital, and have stopped lending as a result.
The lending institutions and securities holders refuse to accept ANY losses on their devaluing securities, and instead have come crying to Uncles Ben and Henry, begging them to pick taxpayers' pockets to keep them from realizing anything more than minuscule losses.
There is NO emergency for taxpayers or main street. The "emergency" is that rich investors and bankers may lose a whole lot of money, unless taxpayers are robbed to bail them out.
This situation has been building for years. There is no emergency. The only real "emergency" is that a massive Corporate giveaway might not be engineered before Congress recesses, or before there is a new administration.
This bailout should be blocked. $1.8 trillion of taxpayers' money should not be handed over to Wall Street based on some alleged "emergency" -- one that has not been debated by Congress, or even explained. The people of the United States deserve a 1.8 trillion-dollar explanation BEFORE they're forced to pony up $1.8 trillion to fund a pseudo-emergency bailout plan.