A letter to Washington

Here's a letter I sent to my senator and representative about the pending financial industry bailout package. Feel free to copy/paste.

Mr. Senator,

I am writing to express my grave concerns for the pending financial industry bailout package legislation. For the Federal Government to spend 700 billion of the US tax payer's dollars for the purchase of bad investments made by cognizant adults is both morally and fiscally unsound. To reward poor judgment while punishing the tax payer creates an environment where doing the right thing is discouraged. And, as the collapse of Fannie Mae and Freddie Mac shows, even the promise of a government bailout encourages markets to take foolish risks. This $700 billion will not buy a more stable market; it will simply further mortgage the American people.

If action must be taken to “rescue” our economy then let us instead address the root cause of the problem. Spend this money on the homeowners who are defaulting on their mortgages. These people also made bad decisions but most of them are not financial experts. If a gift is to be given, give it to those most worthy.

I urge you to strongly consider your vote on this issue. You have shown wisdom in the past when facing similar urges by the Bush Administration to take “urgent action” or face “dire consequences.” Unless you actively work to find new alternatives to this legislation I will consider you in breach of the trust that I placed in you as my elected representative. If you fail to place your constituency as your first concern, I will, for one, hold you fully responsible.

MH