Wednesday, October 01, 2008


By: J. D. Longstreet
OK, here's the deal. It appears the US Senate is going to try to push through another Bailout Bill tonight. Reports have it that they intend to load it down with lots of goodies including tax cuts of various sorts for the middle class. The idea is to shame the Republicans in the House of Representatives into voting in favor of the Bailout Bill rather than run the risk of being accused of voting against tax cuts for their constituents. It's the way the game is played.

But, you and I have a say in all this.

Early, before dawn this morning, I was on the Net sending emails to my Senators and to my Congressman imploring them to vote against the bailout bill in both the Senate and the House.

Below is the text of the e-mail I sent to both North Carolina Senators (Both are Republicans):

October 1st, 2008

Dear Senator Dole/ Senator Burr:

I understand the Bailout Bill is coming back for a vote in the Senate tonight.

Senator, I ask that you vote against the Bailout Bill and allow the markets to Self-Correct. It seems to me, Senator, that would come closer to teaching the financial community a lesson they won't some forget... rather than buying their bad paper with the hard earned money of US taxpayers.

Again Senator, I urge you to vote against the bailout bill.


And to my Congressman (A Democrat):


October 1st, 2008


Please accept my heartfelt gratitude for your vote against the Bailout Bill a few days ago in the House. I appreciate your standing tall for your constituents. I mentioned your vote in the local barber shop and got nothing but positive remarks from the men gathered there.

Now, I have to ask you to be prepared to vote against the bailout bill once again. It is my understanding that the Senate is going to formulate another Bailout Bill loaded with tax cuts, and goodies of that sort, in an attempt to shame the GOP Congressmen into voting for their form of the Bailout Bill which they hope to pass through the Senate tonight (October 1st, 2008.) As a registered Republican, it causes me a great deal of pain to admit that I feel my party's representatives will cave, rather than be seen as denying tax cuts to the middle class, and vote in favor of the Bailout Bill when next it comes up for a vote in your body.

Congressman, I implore you, stand strong against this bill and allow the markets to self-correct. Allow this fiasco to be a lesson to the financial community rather than bailing them out by buying their bad paper. Allow this to be not only a disciplinary action but a "learning experience" for those who handle our money with no risk.

Again, sir, I ask, as your constituent, that you vote against this "Bailout Bill". The country needs strong leadership at this moment, sir, and you are in a position to demonstrate that leadership.

So... now... I have put my two cents in. All my representatives in Washington know exactly how I feel about the shenanigans going on up there in the past few days.

You may not share my convictions about this Bailout Bill. That's fine. But I am convinced bailing the culprits out is the wrong thing to do and we should not be using taxpayer money in this manner.

If you are as upset with the way the game ks being played in DC, you might want to take some action yourself. A phone call, a fax, or an e-mail. Letters are fine but they may not actually reach the Senator or Congressperson for weeks due to security measures in place.

In any event. We have to keep on our toes, and stay sharp, and keep Washington's feet to the fire about this, or we are going to be saddled with a tax burden our grand kid's grand kids will be paying off!

J. D. Longstreet
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Frank said...

It's not tax cuts for the middle class, from what I've heard, it's corporate tax cuts... big difference. Our founding fathers set this country to be ran on corporate taxes and tariffs, there was no personal income tax until we had to fight to keep the South from breaking up the union, or the North trampling the rights of the South, whatever your view is on that issue is moot at this point, we were all made to suffer and pay to keep to fight a war to keep the country together, but I don't think we've ever been more apart.
good day suh!

B said...

I wouldn’t be surprised if the recent overhaul of bankruptcy legislation was designed for this economic situation; it turns human debtors into indentured servants. And that is necessary for the following reason:

The ’sssssss’ we are noticing with this credit crunch is just the leak before the big burst. This credit bubble has been inflated by a logorithmic base 10 scale of dollar creation.
The practice of using 90% of ‘real’ wealth for lending that can then be invested and re-deposited for recycling again and again for more and more credit probably has the same effect of simply printing more money. The difference between those two ways of creating wealth is that creating money by credit inflation redistributes wealth for the benefit of financiers. And printed money is real; not fake.

This credit bubble burst should, then, be creating a shortage of money. And the cure may be as simple as the government printing more money. The only problem with that scheme is that there would not be another bubble to burst to correct for over-inflation. Printed dollars don’t evaporate away like the ones the financiers are trying to sell taxpayers now.

And that is why those who have engineered this bubble need those new draconian bankruptcy laws. Only wage earners can turn this fake money into real wealth. And that is why the Bush administration and other supporters of the great bailout plan are adamantly against giving bankruptcy judges the right to restructure debt according to who is most responsible for making bad loans.

Bryant Arms