Out of the mouths of babes
The following is an email I sent to Senator Chris Dodd of Connecticut regarding the massive bailout plan currently festering in Congress.
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Dear Senator Dodd,
I desperately wish to propose a solution to the current financial maelstrom. Rather than buying packages based on bad debt, as the bill which just failed in the House allowed, why can the government not pay off the bad mortgages that caused the failure? The mortgage-backed securities will be secure again, because all will be paid off; thousands if not millions of Americans will be able to stay in their homes; and if my calculations are anywhere near the mark it will cost several hundred billion dollars less than the current bailout plan. As a final provision, rather than making taxpayers foot the bill, the CEOs who made these corporations fail should be made to pay for at least part of it. I understand that the FBI is investigating, among others, Lehman Brothers and AIG. Should those investigations find any scurrilous behavior, the executives should be made to pay even more to stabilize the companies they drove into the ground.
I believe that burning golden parachutes and increased financial regulations are essential for keeping this sort of thing from recurring, as well. Reinstatement of usury laws would help prevent fraudulent lending. Perhaps certain members of Congress will complain that such measures would "stunt growth" or "encourage socialism," but what we have is not growth, it is a cancer. It must be removed so that real, measured, healthy growth may resume.
Thank you very much for your time, and please consider sharing these ideas with your fellow Congresspeople.
Sincerely,
[Me]
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Dear Senator Dodd,
I desperately wish to propose a solution to the current financial maelstrom. Rather than buying packages based on bad debt, as the bill which just failed in the House allowed, why can the government not pay off the bad mortgages that caused the failure? The mortgage-backed securities will be secure again, because all will be paid off; thousands if not millions of Americans will be able to stay in their homes; and if my calculations are anywhere near the mark it will cost several hundred billion dollars less than the current bailout plan. As a final provision, rather than making taxpayers foot the bill, the CEOs who made these corporations fail should be made to pay for at least part of it. I understand that the FBI is investigating, among others, Lehman Brothers and AIG. Should those investigations find any scurrilous behavior, the executives should be made to pay even more to stabilize the companies they drove into the ground.
I believe that burning golden parachutes and increased financial regulations are essential for keeping this sort of thing from recurring, as well. Reinstatement of usury laws would help prevent fraudulent lending. Perhaps certain members of Congress will complain that such measures would "stunt growth" or "encourage socialism," but what we have is not growth, it is a cancer. It must be removed so that real, measured, healthy growth may resume.
Thank you very much for your time, and please consider sharing these ideas with your fellow Congresspeople.
Sincerely,
[Me]
posted by Mint Sharpie at 8:02 AM
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