I'm writing to express my opposition to allowing Henry Paulson to steamroller the Senate (and House of Representatives) into immediately passing bail-out legislation that will result in handing 700 billion dollars over to the Bush administration--without placing checks and balances on how the money will be spent.
1) Paulson's current plan will simply drop money back into the hands of the investment bankers who have precipitated this crisis. I'm sure you're familiar with the recent speeches made by Hillary Clinton.
2) Please *do not* cave in to the Bush administrations pressure to act immediately in protection of the same people who precipitated the crisis--and *not* in the interests of homeowners, and middle-class citizens whose 401K pensions are on the line.
You are well aware of the Bush administration's record on managing huge amounts of money and of how they spend it. It would be criminal to hand them a blank check to perpetrate mismanagement similar to the disbursement of funds for the Iraq war. If you do not stand firm, this time, and fulfill the functions of Congress--to supervise and audit the Executive branch--you may not have another opportunity.
Read what economic experts say: the current crisis has not been caused solely by a lack of liquidity. The current crisis is one of insolvency caused by poor investment choices of greedy businessmen. True to form in any crisis, George Bush and Dick Cheney want to rescue these people--not ordinary stockholders and homeowners (and their children).
PS: as a Democrat, you must surely be familiar with the principles applied by FDR in his establishment of the Home Owners' Loan Corp -- a government bail out that *worked* and channeled relief back to homeowners, not foolish investment bankers.
Senate phone numbers and websites.
U.S. Representatives Phone Numbers.
Seven Simple Reasons To Oppose The Bailout (via Avedon).