I realize that the passage of a bailout plan by the House and Senate is all but inevitable, but all the same I sent this letter to Senator Kerry, Senator Kennedy, and the Representative of my district.
The notion of using taxpayers’ earnings to “bail out” companies that are going out of business is an outrageous violation of free-market principles. Government intervention in the economy (via the Federal Reserve and innumerable government programs and regulatory agencies) has caused the failures in the first place; it makes no sense to try to cure the patient by adding another gigantic dose of legislative poison.
If you vote for such legislation, you will be adding to your legacy your participation in the most destructive attack on American principles in my lifetime. It would be unforgivable... and unforgettable.
If you wish to correct the problem - and simultaneously grab the free-market baton that the Republicans have long ago dropped - you will refuse to bail out Wall Street firms, work to undo devastating anti-American legislation (such as the Community Reinvestment Act and Sarbanes Oxley, to name just two), and repudiate further government intrusions in economic affairs.