September 24, 2008
[recipient address was inserted here]
[recipient name was inserted here],
Respected congressional representative of my district/state,
I am personally appalled at the rapidity in which the Bush administration has forced upon this nation this plan to simply throw money at the financial meltdown on Wall Street. I hardly feel that this is an adequate way to deal with a situation that was due to a growing irresponsibility of lenders, borrowers and the people who took it upon themselves to gamble with such loaned monies on the market.
I am in no way supportive of this present measure that has been presented to Congress. Frankly, I do not feel the government should involve itself any further in the crises that are occurring. Borrowers should be made accountable for poor decisions to involve themselves in unreasonable debt. Lenders should not be so aggressive with throwing money at people simply because they feel it is available when it really is not. The corporate entities who play with these high-risk loans should know they are unconfirmed monies and can hardly be used as legitimate assets if they cannot back them. The government and its citizens should not be held responsible nor liable for this debt.
I may be rash in saying this, but I feel they should fail if they cannot liquidate their own assets/profits in order to rectify their situation. Yes, it may cause a significant problem in future loaning and borrowing situations, but this is not a practice that people should be recklessly engaging in. Perhaps that is what this nation needs in order to put some solvency back into the mortgage system and to put a halt to this unnecessary inflation of home prices among other things.
I cannot fathom the government obtaining these unstable and insolvent monies as a solution. What guarantee do we have that these will be purchased back from the government so that we may return the monies borrowed in order to purchase them? What is the likelihood that most if not all of these dangerous loans make it until that time without also failing in foreclosures, further indebting our nation for helping? Lastly, how much will we really pay in the end? Regardless of any gains made on the tainted monies bought, how much will we owe back to those who lent us the funds in interest there?
This cannot be allowed to happen. These corporate entities must be held accountable for their actions. The government should not involve itself in the matter, if nothing else to be a last-action resort as no more than a lender to these institutions. We can be nothing more.
I can only hope you share some of my sentiments of disapproval. I understand much of the gravity of the situation (albeit not all of it, unfortunately) but I cannot simply stand by silently while such an action is suggested for foolish people who were too foolhardy for themselves and unable to assume responsibility.
US citizen and resident of New York’s 26th congressional district.
Sent to Senators Clinton and Schumer, and Representative Reynolds.
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