My Third Bailout Email to My Senator

    By Ripper on Mon, 09/22/2008 - 3:18am |
    I have already sent two emails in the past couple days to Sens. McCaskill and Obama, seeking better terms and a more thoughtful approach to the credit crisis. Here is my third, sent today:

    Dear Senator McCaskill,

    First, please do NOT allow Treasury to extend the bailout to foreign banks. Are we to borrow $700 billion at interest from foreign governments and then use that money to subsidize their banks' poor decisions?

    Second, Congress should immediately freeze the mortgage assets of all domestic banks and investment firms to prohibit the sale of "good" mortgages while leaving "bad" ones for the government to buy. Cherrypicking can only wreck any hope of taxpayers recouping their losses.

    Third, please secure the other terms that Democrats like Barney Frank have been pushing: taxpayer protections, home buyer relief, tighter banking regulation, and a surtax on the very wealthy.

    Respectfully,

    Chris Powers

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