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Wall Street Congress Rescues Wall Street, Abandons Main Street
Wednesday, October 8, 2008 • Posted October 8, 2008

Dear Editors,

The Wall Street Rescue bill that passed last week shows that our Congress has nothing against Socialism as long as the money goes to their Wall Street campaign contributors and their wealthy friends.

The Democrats and Republicans are working together so well on this criminally incompetent bill that I think it is time for them to merge into one political party. They should then be named the Ponzi Party after the scheme under which Wall Street operates..

At least 100 of this country’s leading economists signed a letter to Congress asking them not to rush into passing the bill without holding hearings to carefully determine the right course of action. Instead, they increased the $700 billion bill to $850 billion by adding pork. Then they passed the 450 page bill which had been thrown together in a matter of days. I tried to read some of it, but it is so totally confusing and complicated, I am sure it can be interpreted to say whatever they decide it should say at any time.

How much is $850 billion? If you wanted to count to one billion and you counted 24 hours a day seven days a week it would take you 95 years. So it would take you 80,750 years to count to 850 billion.

Where is all this money going? Congress plans to buy up the toxic mortgages from the troubled financial companies so they won’t collapse. Congress says this could cause credit to businesses to halt and thus shut down the economy.

What I would like to know is, why do they need to buy the mortgages? Why can’t they make that $850 billion available through local banks as credit to businesses and refinancing homeowner mortgages instead of buying the bogus mortgages? That way, the economy could continue to function and the corporations who caused the problem could fail as they deserve to fail under our so-called free market system. And with this system taxpayer money would not be used to subsidize the same people whose greed and dishonesty created the problem.

Just for the record—Michael Conaway, Kay Bailey Hutchison and John Cornyn all voted for the bill. Conaway voted against the bill in the first round of voting but voted for it after the $150 billion of porkbarrel spending was added.

Larry Payne

Castell

325 247 4364

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