Stop The Bailouts!
We the Undersigned Americans, having seen two 500-point selloffs in the Dow over the last week, witnessing the bankruptcy of Lehman Brothers and the bailouts of AIG, Fannie and Freddie, and seeing over eight hundred billion dollars of new debt being taken on by America that we do not have, demand immediate action of our Congress and Executive.
All the "bailouts" and other similar actions have accomplished is to speed up the economic and market crash; they are now coming not on six month intervals but on one month intervals, and are more severe in each instance.
This ongoing crash in our markets was caused by a refusal to force banks and other institutions to stop lying about their debt - both in the "credit default swap" market and with so-called "Level 3" assets. As a direct consequence of not being able to determine what a company is actually worth it becomes impossible for their stock to find price support.
In addition, it was the "excess liquidity" of the years from 2001 - 2007, intentionally created by Alan Greenspan and Ben Bernanke, that led to this mess - inappropriate and even fraudulent lending - in the first place. Providing "more liquidity", which has been Bernanke's primary strategy since last August, is like giving a drunk a bottle of whiskey as a "treatment", and is equally indefensible.
If this is not stopped the selling will rotate from financial stock to financial stock until all are zeros. Each will in turn need to be "bailed out"; down this road lies disaster as not only will the stock market crash beyond anything since 1929, but in addition we will take on so much new Federal Debt that it is very likely that foreign governments will refuse to fund our deficits - a threat that China issued, obliquely, through their official State newspaper on the 17th of September.
This is likely to produce a bond market "dislocation" and crash in the economy similar to the 1930s if it is not stopped now. You have been petitioned in the past on these measures but have failed to act; you must now choose between decisive and immediate action and being responsible, in full, for the consequences.
We insist that Congress and Treasury:
These remedies cannot wait for the next Congress; Henry Paulson, Ben Bernanke and the other regulators are increasingly "making it up as they go along", with the latest instances adding (according to the CBO) $5.3 trillion dollars to the Federal Debt, or a doubling in just one act, plus the additional $800 billion spent on other bailouts and "market stability actions" - all money we do not have.
We VOTE and elections are held November 4th, 2008.
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Petition closed due to vote being held.
I have read the above petition and agree with its contents. The above information is my registered voter address, or, if I am not registered, my legal address, I am qualified to vote, and will so register prior to the next election.
We have 6026 confirmed signatures on the petition at the present time.