I’ve been trying since 9:00 a.m. this morning to send an e-mail to my peeps in Congress. Seems like every other American is trying the same thing because they have this message posted:
The House of Representatives is currently experiencing an extraordinarily high amount of email traffic. The Write Your Representative function is therefore intermittently available. While we realize communicating to your Members of Congress is critical, we suggest attempting to do so at a later time, when demand is not so high. System engineers are working to resolve this issue and we appreciate your patience.
I’ll only assume if I attempted to contact my Senators that I would get the same response. I say CRASH THE SERVER!!! JAM THE PHONE LINES!!!! LET SOMEONE IN WASHINGTON KNOW WE’RE PAYING ATTENTION!!!!
I’ve been doing a lot of reading and talking to people who have a better grasp on this situation than I do. I have a pretty good grasp. I know I had one table today… 1. Uno. One. Our crowd gets thinner everytime something else goes under. If you say it hasn’t hit Main Street yet, you aren’t looking in my bank account. Oh, I no longer have a bank account, so, guess you won’t find anything there. Well then, take a look at my paycheck.
However, from the reading that I have done, its apparent to me that Paulson, nor anyone on Wall Street needs a bailout from the American taxpayers. There are other avenues for solving this crisis. At least, they keep saying that. Obviously one of the biggest problems is the mortgage crisis. Another big problem are all of the corporate leeches who got us into this mess to start with, because they were given the rope to hang themselves by deregulation. What they have done is greedy, reprehensible, and irresponsible and if they walk away from Wall Street with anything more than a boot up their collective asses, I will personally march on Washington, DC with a sign and all.
Does something need to be done? Of course it does. However, I’ve read enough “rush to judgement,” “unknown impact,” and “there are other ways,” from The Washington Post to The Wall Street Journal to convince me that The House did the right thing. The Irish government made a surprise move today in insuring all of of their banks (there’s four) for two years. Basically, the Irish form of FDIC. The reason banks fail is because some are stronger than others, and rather than risk your money in a weaker bank, you pull your money (or your company’s money) and put it into a stronger bank.
This leaves the weaker bank still weaker and they go under. One proposal now is the raise the FDIC to $250,000 instead of the current rate. In Ireland, the investors were much happier and their stocks rose anywhere from 7 to 22 percent. I got this information from a gentleman mentioned in the WSJ, Mike Shedlock of Mish’s Global Economic Trend Analysis. He breaks down the Paulson Plan fairly efficiently and reiterates a lot I’ve heard from other sources, and what I had figured out myself due to an incredible Political Science teacher in college (re: The Paulson Plan being unconstitutional and the government intervening in free trade amounts to Socialism).
I think this why a lot of those in Congress, including those running for President, and a lot that weren’t, didn’t say, “Hell yes! Its the best plan ever!” They said they were inclined to vote for it, or that it needed more work, or if certain stipulations were met, they might vote for it. But, most seemed uncomfortable and even Newt Gingrinch said he would have “sadly” voted for it because it was the only thing Paulson would agree to.
Oh. Really? Too bad Paulson’s position isn’t an elected one.
So, I’m feeling the crunch on Main Street, but, knowing what I know now, I’m glad the Bailout Bill failed in the House. Maybe it’s worthy for all of us to stop, take a breather, and look into this a bit deeper. If they raise the FDIC, it appears as though we can stablize the banks and buy the time we need for real change and boots up asses, not bailouts.
*UPDATE* I was able to send an e-mail to both of my Senators, however, I’m still trying to get through to my Representative.