s skippy the bush kangaroo: on the street where you live

skippy the bush kangaroo

Tuesday, September 30, 2008

on the street where you live

the campaign for america's future has a novel idea: why not invest in main street instead of wall street? go send this email to your congressjerk here:

dear congressjerk:

congress did the right thing by rejecting a bailout bill that did too much for wall street and too little for main street. don't cave in to wall street or white house pressure to ram through similarly flawed legislation. we need a new "new deal" that rescues main street and reigns in wall street.

i urge you to support legislation that rebuilds our economy from the bottom up. specifically, i urge you to:

invest in main street: on main street, jobs are disappearing, infrastructure is crumbling and local budgets are straining. a $200 billion economic rescue package for main street would generate clean american energy, extend unemployment benefits, aid states and localities to avoid debilitating cuts and modernize our crumbling infrastructure.

save the homeowners: defaulting mortgages are at the heart of the crisis. keeping deserving people in their homes is critical to shore up main street and wall street. the bankruptcy courts need to have the power to renegotiate mortgages and reduce foreclosures.

hold wall street accountable: instead of simply propping up reckless firms, we should establish a reconstruction finance corporation that can take over financial firms, sort out the solvent from the insolvent, close down some and merge others. we also need modern regulation that cracks down on the abuse. and taxpayers deserve preferred shares in any bank or investment house that we are forced to rescue.

thank you in advance for putting the interests of main street first.
send this email.
posted by skippy at 2:38 PM |


Preach it, brother, and keep it coming!
commented by Blogger Sator Arepo, 3:30 PM PDT  
Uhm, excuse me. But these mortgage-backed securities are sitting in my retirement plan and making the place reek. Why should I -- an innocent victim of fraudulent "liar loans" that were fraudulently marketed as AAA-rated mortgage-backed securities to my retirement plan -- be victimized while the people who knowingly lied on these "liar loans" get bailed out?

This whole "Wall Street vs. Main Street" nonsense is just that -- nonsense. My retirement plan isn't "Wall Street". It's "Main Street". The government buying up those securities isn't bailing out "Wall Street". It's bailing out *me* -- the prudent person who did *not* commit fraud by lying on a mortgage application, who did *not* purchase a home he could not afford using some exotic "option ARM", in short, who did everything right -- but is going to get penalized by the bailout plan you propose, which rewards irresponsible people for lying on their loan applications and taking out loans for homes they could not afford while penalizing me for having the audacity to believe bond-rating agencies who told me I was getting prime grade mortgaged backed securities for my retirement plan rather than reeking toxic wastes.

Why are you proposing to reward the people who committed fraud, rather than the victims of fraud? That's what I'm wondering. Because that's what your letter is proposing to do -- to reward the people who commited fraud, rather than victims of fraud. Sigh.

-- Badtux the Defrauded Penguin
commented by Blogger BadTux, 4:46 PM PDT  

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