While out on a bike ride today I did some thinking about our current economic conditions. It fired me up enough to write the following letter to my representatives.
Representative Simpson, Senator Crapo, Senator Craig,
I hope that a lot of your attention has been tuned in to the economic crisis which our country is currently experiencing. This clearly has world-wide ramifications. I listened to a fair amount of the media coverage of this past week's events and specifically our president's recommendations. I have come to the following conclusions that I would like to share with you.
I do support the president's bailout plan with some very important required changes. Specifically:
1. I do not believe that any bailout should occur until the oversight and regulations are put into place to ensure that this doesn't happen again. Otherwise, our taxpayers dollars are likely to be wasted.
2. I absolutely disagree with the proposal that the bailout be orchestrated by Secretary Paulson, with no oversight from Congress. This has been reported to have been proposed by the president. Lack of oversight led to this problem, lack of oversight of the bailout process is irresponsible government.
3. We need to make sure that the money goes to those individuals who were ripped off by the greedy people on Wall Street and not into the pockets of the greedy people on Wall Street. Might I suggest you start with our armed forces, both active duty and reserve, who are both victims of predator practices and suffering financial hardships, not to mention fighting in a war.
4. We need to ensure that we fund enough to keep the economy from collapsing and no more. I do not believe in buy an economy, but I do believe is saving a system.
5. We need to pay for this plan in revenue and not debt. Borrowing money to cover a mistake, is making another mistake. My family taught me and my school taught me that if you get in trouble you should step back, regroup, make compromises, and work your way out of it. Debt is rarely the answer. Might I suggest a capital gains tax increase as a reasonable way to target the get rich quick predators. A corporate tax would also be advised. I understand it will slow the economic recovery, but I don't believe that is a bad thing. Slower growth will allow us to ensure we build a solid economic base and not another house of cards.
Thank you for your time. Please feel free to contact me if you have any questions or comments.