Dear Mr. Kayser:
Thank you for contacting me regarding the financial crisis facing our country. I appreciate you contacting me regarding this important issue.
I have heard from thousands of Floridians in recent days who are worried about this financial crisis and are concerned about the actions that Congress and the Administration may take in addressing it. I believe that our country is facing a very serious situation, and I share many Floridians’ concerns about the economic consequences to our country if we fail to act appropriately. We need to enact legislation that enables our economy to continue functioning while imposing new regulations and safeguards to ensure that this situation never occurs again.
The exact form that this legislation will take is not yet decided, but I assure you that I am working hard to ensure that your tax dollars will not be wasted on any plan that rewards irresponsible or illegal activities by investment bankers on Wall Street. There must be accountability in any plan approved, and those who have given rise to this crisis need to be investigated and prosecuted to the full extent of the law for any wrong-doing that occurred.
I am enclosing a copy of remarks I made on the floor of the Senate regarding the current crisis and its origins in the housing market. I believe that this problem is far too complex and serious to be handled in the same ultra-partisan fashion that has unfortunately characterized much of the 110th Congress. I assure you that I am committed to working with all of my colleagues to address this crisis and enact meaningful reforms to protect homeowners and ensure the long-term economic prosperity of our country.
Again, thank you for contacting me regarding this important issue. If I may be of assistance to you in the future, please do not hesitate to contact me.
United States Senator
Monday, September 29, 2008
Stick with this for a moment...
Son: Dad, thanks for the allowance. I'm going to the movies next weekend and maybe buy some comics and baseball cards. I might even have a bit left over from my $5.
Dad: Sure son, thanks for cutting the grass.
Monday at school:
Billy: Hey buddy, can you lend me some money? I really need just a few dollars to buy some stuff.
Son: Sure, but uh, I need the money back by this weekend. Can you get it back to me?
Billy: Of course, and to show you I mean it I'll write this note. It says, "You can have my bike if I don't pay you back by Friday."
Son to himself: Hmmm. Billy's bike must be worth more than $5. Maybe I can sell his note to somebody and make a few extra dollars.
Tuesday at school:
Son: Hey Sam, you're always complaining that you need a new bike. Wanna get one real cheap?
Sam: Sure. But I'm broke today.
Son: That's ok. Pay me by Friday. Here's the note.
Sam to himself: Wow, this bike must be worth more than the money I paid...
Thursday at school:
Sam: Hey Billy, I have a great deal for you...
Friday at school:
Son: Hey Sam, got the money?
Sam: I'm going to get it soon.
Son: Hey, Billy, got the money?
Billy: Uh, no.
Son: So, I get to keep your bike?
Billy: Well, actually never really had the bike...
Billy: Hey Sam, where's the bike? I gotta give it to Son!
Sam: But I never had the bike.
Son: Dad, can I borrow $5 on next week's allowance?
Dad: Sorry Son, you have to wait for the Fed to bail you out!!!
I think most of us would agree that it would be irresponsible for Dad to give Son another $5. Son made a bad deal and lost his money. Period. That's free enterprise. If Dad continually bailed out Son when would Son learn to be responsible. If every time Son makes a bad deal and he knows Dad will bail him out, one might assume that Son will continue to make bad deals.
Sorry Son, you'll have to live with your mistakes.
Will America be worse off if the "bailout" is voted down, or worse off if it goes through. Congress will at some point vote it into effect. But they will probably load it down with earmarks instead of oversight.
The American taxpayer will pay the bill. But just try doing this yourself, like not paying YOUR bills and see what the Fed does for you.