when is $700 billion not a tax?
Dear Senators Landrieu and Vitter,
If you think you are saddling me and America with the $700 billion so that speculative money managers and their clients can retain their ill-gotten goods, please get ready to bail me out.
I'm withdrawing my life's savings, going to Las Vegas and betting it all on the roulette wheel. If I lose, I'll send you the bill.
Seriously, though...please show us some transparency and accountability. Clearly, the losses Secretary Paulson talks about were and are fictitious and should never be made whole. Let those failed institutions and failed money managers go through bankruptcy as that is what they are, bankrupt. Suggest you both re-read the US Constitution, Article 1, Section 8 - your side of Congress has the authority to set economic policy, so why are you handing your authority to Paulson? He will not even say, nor can he say, what would be the end of his planned intervention...$700 billion or 11 trillion?
Most of this fictitious money escaped regulation over the years by misguided public servants who have abdicated their powers to act. You should be able to sort this out with a few tough question. The potential victims are your constituents, those who have or will soon lose their homes and life savings...that is where your compassion must be directed. Every bailed out company, CEO, manager must come begging before a committee or two. Please do not roll over and play dead. History is being made this week, and you want your kids to say my dad or my mom was there and they fixed that problem. I'll be watching.