The Economic Bail Out Must Not Pass

I am against the bailout for a variety of reasons.

I am not a homeowner or a mortgage owner. I used to have a home and mortgage. The bank foreclosed on me several years ago. When I lost a job, tried to start a business as an insurance agent, went broke, and had to become a blue collar worker barely making enough to feed my family, let alone make mortgage payments, no one was there to give me a bail out. But this is not why I am against the Bail Out plan.

The first reason is like this…Would you ask an arsonist to put out the burning house he just set on fire, while giving him matches and gasoline? Congress loosened credit laws and they failed to provide oversight to Fannie Mae and Freddie Mac, allowed Fannie Mae and Freddie Mac (headed by liberals like Reams, to falsify the books (sounds like Enron). They wrote laws that forced the lenders to loosen their requirements allowing for zero down mortgages, no doc loans, and other poor risk analysis underwriting methods.

Secondly, the House and the Senate cannot keep garbage out of this crap sandwich of a bill. This is in addition to giving mortgage owners (yes, mortgage, not home owners) a free ride on the mortgage that they cannot afford and should never have gotten. The Congress is going to make me and you guarantee the loans.

Here are a few examples of the almost $6.1 billion of provisions in the 451 page bill that the Senate hastily wrote and passed this week:

  • $6,000,000 for the manufacturers of wooden arrows designed to be used by children (This helps the mortgage owner???).
  • $192,000,000 for Puerto Rican and Virgin Island rum producers (I assume that this will allow the free loaders easier access to booze.).
  • $128,000,000 for NASCAR to build and maintain racetracks (This way the mortgage owner can watch something on his mega screen HDTV while drinking the Puerto Rican rum.).
  • $3,000,000 for American Samoa corporations (WHAT?!?!?).
  • $10,000,000 for small to medium budget film and television productions (More options to watch on that big expensive HDTV.).
  • Wool “Research” – maybe they think they can replace oil with a synthetic fuel made from wool…
  • $223,000,000 in tax benefits for fisherman affected by the Exxon Valdez oil spill.

While these are not “earmarks” but tax credits and provisions, it means that the government will acquire less money under the current tax rules. So, they will have to raise taxes to provide the $700 billion bail out of the housing and financial services.

The largest provision in the bill is $3.8 BILLION for health care. Now, that sounds all right (maybe), until one reads a little further and sees that this provision demands that health insurance companies provide mental health coverage (which includes addiction recovery like caffeine withdrawal symptoms).

Another potentially troublesome provision is to increase the FDIC coverage of personal bank accounts from $100,000 to $250,000. Again this also sounds good, but it is like giving the arsonist a pack of matches. The Federal Reserve, Congress, and the banks screwed up once, and we want to allow them even more money to screw up with?

Take a few minutes and get the facts and make an informed decision.

Then call the US Capitol Switchboard and ask for your Representatives office and voice your concern. You can reach the US Capital at 202-224-3121. For the Republicans here is a list of all the Republican Representatives who voted “NO” on the house version of the bill last Monday.  I am copying this from Michelle Malkin’s site:

These Representatives need to hear from you! (This list does not include any one who either voted for the House version or is a Democrat, for those people, call the switchboard and ask for their office). Area code is 202 for all numbers:

Aderholt R AL legislator No 225-4876
Akin R MO legislator No 225-2561
Alexander R LA legislator No 225-8490
Bachmann R MN legislator No 225-2331
Barrett (SC) R SC legislator No 225-5301
Bartlett (MD) R MD legislator No 225-2721
Barton (TX) R TX legislator No 225-2002
Biggert R IL legislator No 225-3515
Bilbray R CA legislator No 225-0508
Bilirakis R FL legislator No 225-5755
Bishop (UT) R UT legislator No 225-0453
Blackburn R TN legislator No 225-2811
Boustany R LA legislator No 225-2031
Broun (GA) R GA legislator No 225-4101
Brown-Waite, Ginny R FL legislator No 225-1002
Buchanan R FL legislator No 225-5015
Burgess R TX legislator No 225-7772
Burton (IN) R IN legislator No 225-2276
Buyer R IN legislator No 225-5037
Capito R WV legislator No 225-2711
Carter R TX legislator No 225-3864
Chabot R OH legislator No 225-2216
Coble R NC legislator No 225-3065
Conaway R TX legislator No 225-3605
Culberson R TX legislator No 225-2571
Davis (KY) R KY legislator No 225-3465
Davis, David R TN legislator No 225-6356
Deal (GA) R GA legislator No 225-5211
Dent R PA legislator No 225-6411
Diaz-Balart, L. R FL legislator No 225-4211
Diaz-Balart, M. R FL legislator No 225-2778
Doolittle R CA legislator No 225-2511
Drake R VA legislator No 225-4215
Duncan R TN legislator No 225-5435
English (PA) R PA legislator No 225-5406
Fallin R OK legislator No 225-2132
Feeney R FL legislator No 225-2706
Flake R AZ legislator No 225-2635
Forbes R VA legislator No 225-6365
Fortenberry R NE legislator No 225-4806
Foxx R NC legislator No 225-2071
Franks (AZ) R AZ legislator No 225-4576
Frelinghuysen R NJ legislator No 225-5034
Gallegly R CA legislator No 225-5811
Garrett (NJ) R NJ legislator No 225-4465
Gerlach R PA legislator No 225-4315
Gingrey R GA legislator No 225-2931
Gohmert R TX legislator No 225-3035
Goode R VA legislator No 225-4711
Goodlatte R VA legislator No 225-5431
Graves R MO legislator No 225-7041
Hall (TX) R TX legislator No 225-6673
Hastings (WA) R WA legislator No 225-5816
Hayes R NC legislator No 225-3715
Heller R NV legislator No 225-6155
Hensarling R TX legislator No 225-3484
Hoekstra R MI legislator No 225-4401
Hulshof R MO legislator No 225-2956
Hunter R CA legislator No 225-5672
Issa R CA legislator No 225-3906
Johnson (IL) R IL legislator No 225-2371
Johnson, Sam R TX legislator No 225-4201
Jones (NC) R NC legislator No 225-3415
Jordan R OH legislator No 225-2676
Keller R FL legislator No 225-2176
King (IA) R IA legislator No 225-4426
Kingston R GA legislator No 225-5831
Knollenberg R MI legislator No 225-5802
Kuhl (NY) R NY legislator No 225-3161
Lamborn R CO legislator No 225-4422
Latham R IA legislator No 225-5476
LaTourette R OH legislator No 225-5731
Latta R OH legislator No 225-6405
Linder R GA legislator No 225-4272
LoBiondo R NJ legislator No 225-6572
Lucas R OK legislator No 225-5565
Mack R FL legislator No 225-2536
Manzullo R IL legislator No 225-5676
Marchant R TX legislator No 225-6605
McCarthy (CA) R CA legislator No 225-2915
McCaul (TX) R TX legislator No 225-2401
McCotter R MI legislator No 225-8171
McHenry R NC legislator No 225-2576
McMorris Rodgers R WA legislator No 225-2006
Mica R FL legislator No 225-4035
Miller (FL) R FL legislator No 225-4136
Miller (MI) R MI legislator No 225-2106
Moran (KS) R KS legislator No 225-2715
Murphy, Tim R PA legislator No 225-2301
Musgrave R CO legislator No 225-4676
Myrick R NC legislator No 225-1976
Neugebauer R TX legislator No 225-4005
Nunes R CA legislator No 225-2523
Paul R TX legislator No 225-2831
Pearce R NM legislator No 225-2365
Pence R IN legislator No 225-3021
Petri R WI legislator No 225-2476
Pitts R PA legislator No 225-2411
Platts R PA legislator No 225-5836
Poe R TX legislator No 225-6565
Price (GA) R GA legislator No 225-4501
Ramstad R MN legislator No 225-2871
Rehberg R MT legislator No 225-3211
Reichert R WA legislator No 225-7761
Renzi R AZ legislator No 225-2315
Rogers (MI) R MI legislator No 225-4872
Rohrabacher R CA legislator No 225-2415
Ros-Lehtinen R FL legislator No 225-3931
Roskam R IL legislator No 225-4561
Royce R CA legislator No 225-4111
Sali R ID legislator No 225-6611
Scalise R LA legislator No 225-3015
Schmidt R OH legislator No 225-3164
Sensenbrenner R WI legislator No 225-5101
Shadegg R AZ legislator No 225-3361
Shimkus R IL legislator No 225-5271
Shuster R PA legislator No 225-2431
Smith (NE) R NE legislator No 225-6435
Smith (NJ) R NJ legislator No 225-3765
Stearns R FL legislator No 225-5744
Sullivan R OK legislator No 225-2211
Terry R NE legislator No 225-4155
Thornberry R TX legislator No 225-3706
Tiahrt R KS legislator No 225-6216
Tiberi R OH legislator No 225-5355
Turner R OH legislator No 225-6465
Walberg R MI legislator No 225-6276
Wamp R TN legislator No 225-3271
Westmoreland R GA legislator No 225-5901
Whitfield (KY) R KY legislator No 225-3115
Wittman (VA) R VA legislator No 225-4261
Young (AK) R AK legislator No 225-5765
Young (FL) R FL legislator No 225-5961

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