Here’s an update on the latest ridiculous, expensive, and dangerous bailout that’s been floating around D.C. the past week. Here’s a decent breakdown of what exactly this bailout entails.
First up, it is beginning to appear that this particular bailout may not actually be shoved through by the yes-men in congress.
While the Democratic leaders of the Senate and the House of Representatives have pledged to pass a bailout plan within days – with amendments – the Republican leaders and members of both chambers are much less enthusiastic. Whether rebellion among rank-and-file members is growing enough to threaten the passage of any bailout plan was a question hanging over negotiations Tuesday between Congress and the administration.
Of course, their reasoning on why this bailout is a bad idea is somewhat lacking:
Meanwhile, Senate Banking Committee members from both parties took turns venting their anger at the administration’s proposal and what Chairman Christopher Dodd, D-Conn., called the “economic maelstrom” that brought things to this point.
…
Dodd warned that the package “would do nothing to help even a single family save a home. It would do nothing to stop even a single CEO from dumping billions of dollars in toxic assets on the backs of taxpayers – and walking away with a bonus and a golden parachute.”He said that any plan that passed Congress must include terms to ensure at least three principles: strong oversight of the government effort to bail out troubled firms, a way to keep people facing foreclosure in their homes and terms that give taxpayers “assurance that their hard-earned money is being used correctly and responsibly.”
Great. So in the minds of the Senators, the bailout is a bad idea because it doesn’t go far enough. Outrageous. Here’s another article on that specific subject: Groups say bailout doesn’t do enough for struggling homeowners
Again, I can’t help but be cynical about how much our voices really matter when we’re up against the big-money interest in D.C., but I still would urge us all to contact our Senators and Representatives to voice our strong opinions against a bailout of any kind—from high-rolling Wall Street executives to foolishly overextended home “owners.”
Here’s how to contact our Senators:
Maria Cantwell:
Phone: (202) 224-3441
Fax: (202) 228-0514
Email Form
Patty Murray:
Phone: (202) 224-2621
Fax: (202) 224-0238
Email Form
Use the form in the upper-left of this page to find the contact info for your Representative.