Please call/write/fax your senators now! A consensus of academic economists have arrived at a workable plan, but Congress is ignoring them and the will of the people. Our representative democracy is fighting for its life because entrenched special interests are now dictating public policy.
http://www.senate.gov/general/contact_information/senators_cfm.cfm
OPPOSE PAULSON BAILOUT
Dear Senator,
As an Oregonian and a concerned citizen, I am outraged at the Paulson bailout plan. I recently watched a panel discussion at Princeton University by some of the nation’s top economists- all are as confused as I am about why the administration is insisting on executing a bailout via the purchase of assets rather than the historically proven methods of bankruptcy and nationalization:
http://www.youtube.com/watch?v=Wj_JNwNbETA
I watched a House member on CNBC yesterday, Rep. Brad Sherman, talk about how the bailout has been carefully structured to allow for the purchase of bad assets from foreign investors:
http://www.cnbc.com/id/15840232?video=873682522&play=1
I wish I could dismiss Rep. Sherman’s opinions as paranoia, but this is a scenario that we have all seen before from this Administration. We are planning to bailout those who CAN AFFORD to suffer the losses, and importantly, who made investments with the understanding that they were assuming RISK.
NO PAULSON BAILOUT. We are witnessing another disingenuous and fear driven Bush Administration tactic to ram through dangerous and costly legislation. Please, do not vote for this plan.
WE DO NEED TO ACT. We need to follow the nationalization model, for which we have ample historical precedence as well as the institutional knowledge to ge the job done. This will ensure the taxpayers have sufficient stake in any upside, avoids the moral hazard of rewarding corporate risk, and limits the bailout to failing firms that are facing insolvency.
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