Opposing the Trillion Dollar Bailout - A Call to Action

The fate of our nation's economy rests in the hands of those who don't understand it, and those who think they can control it. It is in my sincere belief that the safest thing to do is nothing at all. Attempting to manipulate the market in this way is downright dangerous. It's a desperate act to reinject liquidity in the market in a futile effort to inflate an already deflating bubble.

Please contact your congressperson and voice your opposition - people like you and me stand to lose the most. Do so here: Write Your Congressperson

Here's the letter I sent to my local Congressperson:

Dear Congresswoman McCarthy -

I am writing you to voice my strong opposition to the bailout being proposed. I just want to make clear to you whats at stake here - and what Ben Bernanke and Secretary Paulson are trying to do since they speak in code few can understand.

An attempt is being made to keep house prices at their current level in order to avert further foreclosures. To do this, Mr. Bernanke plans on purchasing mortgages from banks - and in return providing them with cash to loan out - again. The added liquidity unnaturally fuels demand for housing if banks were to extend credit to new homeowners. Essentially, the cause of the crisis - a lax extension of credit - is being put forward as the cure.

It's not going to work, and it puts the nations taxpayers at risk. What it does do is defer the problem to a later date. There's no solution other than allowing the market to correct itself and acheive equilibrium.

For persons such as myself, I stand the most to lose. No only does it perpetuate the problem of the high cost of living and homeownership, but it steals from my taxpayer dollars to fund those who took out mortgages and couldn't afford them. I am left both subsidizing those who overextended themselves and unable to afford a home of my own. All the while, the people who extended the credit wontonly (and benefited from the bonuses thereto) walk away scott free. In addition, the money does not necessarily come from Taxpayer dolllars - the money is simply created out of thin air - or "borrowed" from the nations' treasury. The result is an increase in monetary supply and devaluation in the US Dollar. This represents a hidden tax on the American people - it's inflation and it will cost us more money to buy the things we live on.

I urge you not to listen to the rhetoric, and let the market take its course and private industry to sort out their own problems.

Thank you.