Concerning us all
If you’re not familiar with the economic events of the recent past, I would urge you to investigate them from the information source of your own choosing. If you’re not sure where to look, I’ll help at your request.
Once you’re familiar with the context, I’d ask you to consider the solution proposed by our elected representatives: full text here - http://money.cnn.com/2008/09/20/news/economy/treasury_proposal/index.htm :
• The Treasury Secretary (who is unelected) is authorized to purchase up to $700 billion in mortgage-related assets at any one time. That means that you and I (taxpayers) are on the hook for loans on property that may lose or have already lost most of its value.
• Financial institutions are "designated as financial agents of the Government." Obviously, taking over and running formerly private companies is NOT a Constitutionally delegated power of the federal government. Consider the precedent that is being set.
• "Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency." Translation: the Secretary can buy up whatever junk debt he wants to, burden the American people with it, and be subject to no one in the process – not the courts, not anybody.
Congress may vote as soon as tomorrow. I don’t care what your political persuasion is. If you value the Constitution and ultimately your own freedom, I urge you to get informed about what’s going on. Other than that, what can you do? Let your congressperson and senators know how you feel. Phone is best, but anything is better than nothing. To get their contact information, visit: http://www.visi.com/juan/congress/
Posterity will thank you for your concern.
Lastly, I want to thank you for at least reading this far. It is my sincere hope that we will all weather this storm safely, and it is only out of my concern for our mutual well-being that I write. I hope this letter finds you all well.
Once you’re familiar with the context, I’d ask you to consider the solution proposed by our elected representatives: full text here - http://money.cnn.com/2008/09/20/news/economy/treasury_proposal/index.htm :
• The Treasury Secretary (who is unelected) is authorized to purchase up to $700 billion in mortgage-related assets at any one time. That means that you and I (taxpayers) are on the hook for loans on property that may lose or have already lost most of its value.
• Financial institutions are "designated as financial agents of the Government." Obviously, taking over and running formerly private companies is NOT a Constitutionally delegated power of the federal government. Consider the precedent that is being set.
• "Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency." Translation: the Secretary can buy up whatever junk debt he wants to, burden the American people with it, and be subject to no one in the process – not the courts, not anybody.
Congress may vote as soon as tomorrow. I don’t care what your political persuasion is. If you value the Constitution and ultimately your own freedom, I urge you to get informed about what’s going on. Other than that, what can you do? Let your congressperson and senators know how you feel. Phone is best, but anything is better than nothing. To get their contact information, visit: http://www.visi.com/juan/congress/
Posterity will thank you for your concern.
Lastly, I want to thank you for at least reading this far. It is my sincere hope that we will all weather this storm safely, and it is only out of my concern for our mutual well-being that I write. I hope this letter finds you all well.
