Wednesday, October 15, 2008

Rep. Darrell Issa's Response

I finally got a response to my calls and Emails about the "bailout" legislation from my Congressman:

Dear Mr. __________:

Thank you for contacting me to express your opposition to the $700 billion Bush-Paulson-Pelosi bailout plan. I share your opposition and voted NO both times the bill was brought before the House of Representatives.

It is an outrage to stick taxpayers with the bill for the failed decisions of Wall Street financiers. When investors put their money into the marketplace, they reap a benefit when they make the right choices, they have to face the consequences when they make bad ones. The Paulson-Bush-Pelosi scheme allows investors to realize the benefits while shifting all the risk to taxpayers. It is the wrong plan, and a bad idea.

Furthermore, in their rush to act, the Bush Administration and Congressional leaders spread panic, shattered American's confidence in the banking system, ignored the American people and shut out debate on alternatives that would more effectively address the problem without shifting the cost and trillions of dollars of additional risk to taxpayers.

Our financial markets are struggling, and we do need to act to insure that creditworthy individuals and businesses have access to the capital they need to conduct legitimate business transactions. But we don't owe Wall Street a bailout, and we can do it without putting taxpayers on the hook.

In opposing the Bush-Paulson-Pelosi scheme, I offered several alternatives, including the use of Guaranteed Recovery Bonds, suspension of mark-to-market accounting rules, and restoring the net-worth certificate program which the Federal Deposit Insurance Corporation (FDIC) has used successfully to help banks recover during previous economic downturns. To view my statements or to read my alternative proposals, please visit my website at

I will continue to work on your behalf in Congress to advance common sense solutions to restore stability to the financial markets and promote economic growth. The American economy has time and again weathered political shocks and financial hardships and proven itself resilient. I am confident that we will get through the current turmoil, overcome the losses incurred, and return to financial prosperity.

Again, thank you for contacting me to share your concerns on current conditions in the financial markets and the bailout scheme. I appreciate hearing your views.

Sincerely, Darrell Issa
Member of Congress

Let me just say, again, that I am disappointed with the responses from Sens. Boxer and Feinstein and Rep. Issa, in varying degrees, but disappointed in the lack of specifics and the tone they seem to take.

These are non-responsive responses, all too typical of our "ruling classes".

I just don't think they 'get' it.

Catch you later.....

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