Journal Entries for Jon
What I wrote My Congressman regarding the US Economy
October 1st, 2008 2:11 pm EDT
I've been so disgusted listening to the Talking Heads spew bullshit on what needs to be done to get the Economy going again that I decided to write My Congressman. I encourage everyone to do the same, whether your view is in line with mine or diametrically opposed to it. Here's what I wrote My Congressman.
I'm writing to ask you 2 things and also to express my opinion.
1. Please Vote NO on any Tax Payer funded Bailout, of any kind, for Banks and Financial Institutions. As a Tax Payer, I do not want to see my Hard Earned Tax Dollars going to help out Companies or Institutions that have made irresponsible decisions. Large Firms should be treated no differently than Small Firms. If they can't stay afloat on their own, they should be allowed to go under.
2. Do NOT use my Hard Earned Tax Dollars to Subsidize the Mortgages of others. If a person was irresponsible enough to take out a Mortgage larger than they could afford then they should be foreclosed on. People must be held responsible for their actions. It would be grossly unfair to use My Hard Earned Tax Dollars to help pay off someone else's Mortgage. I have a hard enough time paying My Mortgage and My Monthly Bills without the Added Burden of Subsidizing someone else. Taxes are not levied by our Government to Redistribute wealth and it Offends me that it's even being considered.
My opinion on what should happen going forward...
1. Banks should require Substantial Down Payments before rewarding a Mortgage.
2. Banks should Verify Employment and Yearly Income before rewarding a Mortgage.
A comment on 1 and 2 above... This is what Banks always did until Our Government, towards the end of the 1990's, started pushing Banks to loosen their requirements so that more people could own homes. Well, guess what, not everyone can afford to own a home. I think that's pretty clear now and should have been obvious from the beginning.
3. Financial Institutions must be held responsible for the types of Financial Instruments they buy and sell. If they bundle up Worthless Sub Prime Mortgages into Financial Instruments and then can't sell them, well, that's life, they should be stuck with them. If it causes their Collapse, so be it.
To sum it up, Corporations AND Individuals must be held accountable for their actions. Using My and other people's Hard Earned Tax Dollars to Redistribute the Wealth to help the Rich OR the Poor, goes against everything this country stands for and the thought of it makes me sick to my stomach.
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