Monday, September 22, 2008

Letter to the editor - bailout

Sent to the Roanoke Times, just at their word limit of 200; I hope it's one of many.

Six years ago Bush and Cheney used scare stories to stampede Congress into authorizing a ruinous war. Now they're using the same tactics to make a huge grab for the bank on the way out the door.

After two years of saying things were under control, while ignoring the pain of homeowners struggling with unaffordable mortgages, suddenly they’re painting the picture of a financial "mushroom cloud" unless we fork over $700 billion right now, to be handed out to their Wall Street friends with no questions asked.

For Congress to agree would be an unconstitutional abdication of its power of the purse -- even if this administration had proved trustworthy in dispensing vast sums of money. Given the actual Bush-Cheney record of corruption, incompetence, and cover-ups, it would be insanely irresponsible.

The timing also guarantees conflict of interest. In January Secretary Paulson is likely to be looking for work among the very businesses to whom he's proposing to hand out billions.

Congress should pass no proposal that doesn't
  • restructure mortgages to keep people in their homes,
  • protect taxpayers' interests with oversight and accountability, and
  • lay the groundwork for re-regulation to solve the problem.

  • Now reworking for Rep. Goodlatte and Sens. Warner and Webb.

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