Posted by amanuse at 12:00 AM on October 02, 2008
Dear Rep. Carol Shea-Porter,
I am writing to thank you for voting against the Wall Street bailout on Monday and to urge you to vote against the bailout plan crafted by the Senate tomorrow and any other bailout plan in the future. Wall Street simply does not need it. The market will fix things on its own.
The problem is, the Senate, including Sen. Sununu and Sen. Gregg, voted for a new bailout plan that is even worse than the first one that you voted against on Monday. It has all the pork and riders that has given Congress its 9 percent approval rating. I am quite upset with our Senators and will let them know about it. But the House acted responsibly on Monday and hopefully will act responsibly tomorrow.
I have heard that you are facing a lot of pressure from Speaker Pelosi to vote for this new bailout plan and I urge you not to heed her pressure. Please remember that you don't represent Rep. Pelosi or the Democratic party. You represent District 1 in New Hampshire; Republicans, Democrats and Independents alike.
Even Treasury Secretary Paulson has admitted that this bailout plan is only a band aid, a temporary fix to give the economy "a softer landing." I would argue that the economy needs a hard landing so the free market can help rebuild the economy the way it's supposed to be. It is not government's responsibility to manage the economy, it is the responsibility of the people of this great country.
If large banks and lending institutions are going to go out of business because of their bad lending practices and the bad lending practices that were forced on them by Congress, then they deserve to go out of business. Those responsible in Congress, such as Rep. Barney Frank, should lose their seats. Some of them, including Rep. Frank, should end up in prison for what they've done.
Why should the taxpayers, who have already suffered by losing value in their homes, now give our hard earned dollars to the same people who have caused our homes to lose value?
So again, I urge you to reject any Wall Street bailout plan, especially this one that is full of so much pork, and in addition to that, I urge you to introduce bills that will redirect the government to its Constitutionally bound roles.
If I haven't given you enough reason to vote against the bailout yet, here's some others that I've heard from affinity groups that I support:
The bailout violates the Constitution by authorizing the Treasury to purchase bad mortgage-related assets, it greatly enlarges our national debt and further erodes the value of our dollar and it bails out Wall Street at the expense of Main Street by putting taxpayer funds at risk while freeing up banks to continue making bad loans.
I am asking that you strengthen our economy by taking action to:
- End the Bailouts: The Federal Reserve's authority to use taxpayer money to bail out Wall Street must be revoked and the Fed must be held accountable.
- Cut Taxes and Curb Regulation: If we really want to stimulate businesses and revive the market, we need to cut corporate and capital gains taxes, spurring investors to come back to the market and making it easier to attract new workers and clients.
- Reduce Spending: We must freeze all non-entitlement spending by the federal government at current levels and eliminate wasteful spending both domestically and in our trillion-dollar overseas budget. Our debt has to come down, and it won't until we start living within our means.
- Reform the Monetary System: If we are to have long-term economic progress, we must end the system of printing money out of thin air. The current laws limiting the circulation of gold and silver-backed currency must be overturned.
Thank you for your attention. You will be hearing from me again.
Sincerely,
Andrew J. Manuse
Derry, NH
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