Stop The Bailouts!

We the undersigned Americans, being part of the 80% of America that did not participate in nor profit from the immense fraud and Ponzi Investment of the last eight years, insist that you, our representatives in Congress, stop trying to bail people out and further sink our economy and Nation into a morass of debt!

We understand that the situation is bad. We “get it” that there are a lot of people who are facing foreclosure. We know that the economy is not doing well, and likely will get worse before it gets better.

But:

• It is unjust to “backstop” Freddie and Fannie when over $50 billion a year flows to investors who were supposedly taking risk in buying their debt, many of them being foreign governments, and now we’re asked to cover any shortfall with our taxes.
• It is unsound to allow the FHA to underwrite hundreds of billions of dollars in “workout” mortgages when some eighteen percent of the loans they already have are delinquent, and nothing has been done about their unsafe mortgage underwriting standards.
• It is unfair to bill us, the 80% of America who did not profit from or participate in the fraud of the last eight years for the cost of a “rescue” of dubious efficacy just so the 20% who already stole our wealth can avoid having to cover their own losses!

Further:

• We are in this mess due to the overly-loose monetary policies of The Fed over the previous twenty years. You can’t fix someone’s drinking problem by giving them a bottle of whiskey. The addict must go through withdrawal; the easy money must be cut off.
• These “easy money” policies are directly responsible for the huge commodity price boom, and we are now being asked to pony up for $4/gallon gasoline so the fraudsters don’t have to recognize their loss!

Therefore, we demand that Congress:

• Refuse to pass HR.3221 , the “Housing Bailout Bill”, in any way, shape or form, and refuse to bail out Fannie and Freddie.
• Direct The Fed to drain the excess liquidity from the banking system and force those institutions who have been hiding losses to accurately report and admit to them. This includes those who claim “value” in credit default swaps written by parties that have no possible way to pay the claims.
• Encourage home prices to contract to sustainable levels, which are defined as an average home in a given area pricing at no more than 3x average incomes, so the 80% of Americans can afford a home.
• Reinstate Glass-Steagall , the repeal of which is part and parcel of the root cause of this mess.
• Prosecute all who committed fraud during the bubble years , including but not limited to borrowers, lenders, bankers, securitizers and ratings agencies.
• Tighten standards for FHA loans so that they are sustainable.
• Force all Credit Default Swaps (CDS) onto an exchange. We need to know who can pay.

You can find specifics on these problems, and their solutions, at http://www.denninger.net/letters/2008-07-19-Lawmakers.pdf. We have read this document and endorse its contents.

Oh, and one more thing.
We VOTE

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