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Guest
Hey guys. I wanted to share a letter I sent to my congressman. I'd encourage all of you to do the same to let them know how you feel about how they're handling our economic situation.
Congressman Sarbanes,
Hello Congressman Sarbanes, my name is . I'm writing you this letter to express my growing frustration and concern on how this economic crisis is being handled by our government. I have several areas I'd like to address.
First, the 700 billion dollar "rescue package" that was enacted. This plan, as it was described, was to alleviate the banks of bad debt by giving them large amounts of money so as to free up credit so they would be able to lend money to businesses and individuals. Apparently, this money was not used for this but instead used to pay dividends to stockholders, executive bonuses and to purchase other banks. One bank used 6 billion dollars to purchase a bank in China. Where was the oversight? Why were there no regulations on how this money was to be spent? Keep in mind that we gave that money to the very institutions and banks that are partly responsible for causing this mortgage crisis in the first place through there questionable lending practices and predatory lending.
Second, we gave billions to AIG, who promptly, the following week, went on a $400,000 company vacation. This "business meeting" included manicures, pedicures, massages and spa treatments all on the hard working American tax payers dime. This is truly outrageous that this was allowed to happen. Can I tell you Congressman, that I'm 35 years old and I have never had a manicure, pedicure or even a massage in my life, but apparently my tax money has been used to grant that to an undeserving, poorly run business. Once again, I ask, where was the oversight? Who was making sure this money went to the right places and being used in the right ways? Apparently nobody.
Third, we have the auto companies. We've now hauled them in front of congress how many times, only to have congress interrogate, question, and berate them. These companies are asking for a LOAN not a handout, as was not the case with the banks and AIG. Why is it the auto companies are having so much trouble getting assistance from the government, but we just threw money at the banks and AIG. Once again, it's the banks fault that we are in this mortgage crisis, not the car companies. Yet we gave the banks a blank check with no oversight to spend the American tax payer money how they see fit. Explain that to me? The big three go under and we stand to lose millions of jobs and considerable tax revenue.
Congressman Sarbanes,
Hello Congressman Sarbanes, my name is . I'm writing you this letter to express my growing frustration and concern on how this economic crisis is being handled by our government. I have several areas I'd like to address.
First, the 700 billion dollar "rescue package" that was enacted. This plan, as it was described, was to alleviate the banks of bad debt by giving them large amounts of money so as to free up credit so they would be able to lend money to businesses and individuals. Apparently, this money was not used for this but instead used to pay dividends to stockholders, executive bonuses and to purchase other banks. One bank used 6 billion dollars to purchase a bank in China. Where was the oversight? Why were there no regulations on how this money was to be spent? Keep in mind that we gave that money to the very institutions and banks that are partly responsible for causing this mortgage crisis in the first place through there questionable lending practices and predatory lending.
Second, we gave billions to AIG, who promptly, the following week, went on a $400,000 company vacation. This "business meeting" included manicures, pedicures, massages and spa treatments all on the hard working American tax payers dime. This is truly outrageous that this was allowed to happen. Can I tell you Congressman, that I'm 35 years old and I have never had a manicure, pedicure or even a massage in my life, but apparently my tax money has been used to grant that to an undeserving, poorly run business. Once again, I ask, where was the oversight? Who was making sure this money went to the right places and being used in the right ways? Apparently nobody.
Third, we have the auto companies. We've now hauled them in front of congress how many times, only to have congress interrogate, question, and berate them. These companies are asking for a LOAN not a handout, as was not the case with the banks and AIG. Why is it the auto companies are having so much trouble getting assistance from the government, but we just threw money at the banks and AIG. Once again, it's the banks fault that we are in this mortgage crisis, not the car companies. Yet we gave the banks a blank check with no oversight to spend the American tax payer money how they see fit. Explain that to me? The big three go under and we stand to lose millions of jobs and considerable tax revenue.
