1 vote

My Congressman's response to my letter objecting to the 'bailout'.

Here is my Congressman's response to my letter which strongly objected to the bailout. I won't comment, I'll just put it out here and let the D.P. crew dissect it. Have fun.

Doc

"Dear Dr. Holladay:
Thank you for contacting me with your concerns about Treasury Secretary Henry Paulson's proposal to bring stability to our financial system. I have heard from hundreds of people just like you on this issue, and I share your concerns. I hate the thought of paying ransom to Wall Street, especially when Main Street is struggling. I am furious that our financial situation has been allowed to get this point, and that Treasury is considering bailing out the lenders who helped caused this to occur. We now face a situation where our economy is being held hostage. Allowing the collapse of our banking system would cripple our already weak economy. Credit card rates would skyrocket, new small business loans and mortgages would be nearly impossible to obtain, and jobs would be lost. We cannot let this happen. Simply put, we must consider all potential solutions to the current crisis. As you know, I have earned a reputation as a budget hawk, and have dedicated my time in Congress to strengthening our nation's financial future. I have authored, along with Republican Representative Frank Wolf of Virginia, H.R. 3654, the SAFE Commission Act as an effort to rein in our record-setting deficits. This week, Roll Call, the Capitol Hill newspaper, published an editorial on this very piece of legislation and its importance for our financial future - once we get past this immediate crisis. Below you will find the text of that article. In the coming days Congress will consider a series of revisions to Treasury's proposal and I will keep in touch with you as this situation unfolds. Thank you again for getting in touch with me to share your concerns.

and then he sent this:

It Takes a CrisisSeptember 24, 2008
We have confidence Congress, faced with collapse of the nation's financial system, will come to terms with the Bush administration and the Federal Reserve on a bailout package that will rescue the national economy from impending crisis. But why, for heaven's sake, does it take impending doom for Congress to act to fix problems that, left untended, will result in crisis? And, coming out of this crisis, can Congressional leaders of both parties resolve to deal with those problems, preferably on a bipartisan basis? We trust - because the problem is so obvious - that Congress will create what Treasury Secretary Henry Paulson calls a "21st century regulatory system" to oversee the increasingly complex financial system. This should have been done when the system was deregulated in 1999. It could have and should have been done anytime during the past nine years. But Congress failed to do it - for seven years while the GOP was in charge and over the past two years under the Democrats. Will Congress also fail to avert what countless experts have warned are certain fiscal crises, short term and long term, because the government is plunging deeper and deeper into debt? What will it take? For credit-rating agencies Moody's and Standard & Poor's to downgrade the U.S. government's credit rating from AAA? Or for the dollar's value to plunge to the point where foreign lenders stop financing U.S. borrowing? Short term, this year's federal deficit is estimated at $400 billion. Accurate accounting would put it at $600 billion because $200 billion is borrowed from the Social Security trust fund. The nearly $1 trillion it will cost to rescue the financial system - including Fannie Mae and Freddie Mac, American International Group and Bear Stearns - should be added to that. Some of the money may be returned to the Treasury, but not immediately. Medium term, the national debt has risen from $5 trillion when President Bush took office to $9 trillion, and now Congress is acting to raise the debt limit to $11.3 trillion. The Congressional Budget Office estimates the debt will rise an additional $2.5 trillion by 2013 even if Bush's tax cuts expire - though both presidential candidates want to extend some or all of them and add lots of spending. And then, long term, there's the $53 trillion in entitlement obligations promised to future retirees that everyone knows is unsustainable. According to the Peter G. Peterson Foundation, by 2027, just four budget obligations - interest on the federal debt, Social Security, Medicare and Medicaid - will eat up all federal revenues and account for 18.3 percent of the gross domestic product. Congress knows this. In the House, Reps. Jim Cooper (D-Tenn.) and Frank Wolf (R-Va.) have proposed legislation establishing a commission to recommend entitlement reform. Sens. Kent Conrad (D-N.D.) and Judd Gregg (R-N.H.) have a similar proposal in the Senate. They've gone nowhere. This legislation may not be the final answer to the entitlement dilemma, but one must be found. The question is: What crisis does it take? Once again, I will continue to monitor this situation closely and will update you with further developments."

Sincerely,
Jim Cooper
Member of Congress

Update: My Response

Thank you for your response. I was hoping for something a little more concise and less ambiguous, however, and was astonished when a friend of mine showed me his 'response' from Senator Obama. The similarities are striking, and lead me to believe that there is some sort of 'canned' response prepared to help handle the deluge of objection from the American people.
The government has NO business intervening in this matter. The chips should fall where they may. If our government is thinking about giving away 700 Billion, why not divide it among the American taxpayers, get rid of the FED, get rid of the IRS, and return to a monetary system based on the 'gold standard'. The ecomony would recover quickly, and we'd see a unprecedented boom in prosperity, here and around the world. You sent me an "article" to read, so I'll send you one in return, from the only straight talking man in Washington, and the only one who knows how to actually fix this mess rather than putting off the inevitable. Here it is..... I suggest you read it if you care about the future of America.

(here I inserted Ron Paul's response to the President...LOL)

Sincerely,
Dr. William Holladay



Trending on the Web

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

Ron Paul alluded to their seeming "annoyance" of the taxpayers

even voicing an opinion. The overwhelming tenor of all of these form-letters is the same. "You dont know whats in your best interests- we do, so your voice means nothing as we will do the "right thing" FOR you and sign off on this bailout". Bush has been doing it for 8 years. They are not representing us. We want representative government that will vote the will of their constituents and only count their personal opinions as one vote- instead they consistently veto the majority and vote according to the Washington agendas. I want someone who is willing to do something they think they know is a bad idea because that is what they were sent to Washington to do. Be our messenger- regardless of what they fear will be the outcome. Its like Fed Ex opening your parcel and replacing it with something they feel the recipient will like or need more at best- and at worst simply stealing the contents and selling it. Their job is to mirror our wishes- not question them. Vote out anyone who votes for this bailout if it goes against the wishes of the majority of your district.

Live Free or Diebold

Well said. Exactly

Well said. Exactly right.

Doc Holladay
Nashville, TN
http://www.myspace.com/docholladaymusic

www.reverbnation.com/docholladaymusic

Truth is treason in an empire of lies.

Good work Doc! Glad to see

Good work Doc! Glad to see you on the board and working.

I've been calling my rep. Bart Gordon daily. No response yet, but I've had discussions with his handlers. They are still trying to determine if the bill in the current form is something he will support - nevermind if the whole idea is philosophically sound - they are worried about the details which to me is a bad sign.

I'll keep calling and encourage everyone to do the same. Its easy and just takes a few mins.

300 million people in this country and if we all gave a damn about this the whole system would be shaking in its boots.

I assume Mr Gordon WONT be sponsering RPs bill to abolish the Fed but I'll ask next week

Keep up the good work Doc!

Thanks John, you too. I

Thanks John, you too. I have no reason to back down... what do we have to lose? These guys are making a mockery of 'representative' government. It's sickening.

Doc Holladay
Nashville, TN
http://www.myspace.com/docholladaymusic

www.reverbnation.com/docholladaymusic

Truth is treason in an empire of lies.

I updated the post with my

I updated the post with my response to Congressman Cooper.

Doc Holladay
Nashville, TN
http://www.myspace.com/docholladaymusic

www.reverbnation.com/docholladaymusic

Truth is treason in an empire of lies.

Look at the similarities

Look at the similarities between my Congressman's 'response' and the one given to another D.P.er from Obama...... it's all canned B.S.

http://www.dailypaul.com/node/64469

www.reverbnation.com/docholladaymusic

Truth is treason in an empire of lies.

If only torture of the english language could be made a crime.

_________________________________________
"An economy built on fiat money is a society on its way to ashes."

_________________________________________
"An economy built on fiat money is a society on its way to ashes."

Now THAT is some legislation

Now THAT is some legislation worth passing. Thanks for the laugh at the end of a frustrating day!

Doc Holladay
Nashville, TN
http://www.myspace.com/docholladaymusic

www.reverbnation.com/docholladaymusic

Truth is treason in an empire of lies.

Interesting.

So even some Democrats are balking at the sellout.
At least they are talking like it bothers them.
But have no fear, he'll vote for it.

But he knows that this is an unpopular bill that will not save America or end the financial "crisis".
He also knows that he will have to sign on with the rest of the Democrats.
But he wants desperately to make this a "bipartisan" bill so he won't have to take the political blowback.

See my post:
"To the House Republicans -- Just say, "NOOOOOOOOOOO!!!!!!!"

http://www.dailypaul.com/node/64460

I think that pretty much says it all.

******************************
Freedom First Society

http://www.freedomfirstsociety.org/articles/

******************************

******************************
The Virtual Conspiracy

Nope it's 600 Billion

Since according to the ex-comptroller general, David Walker, the SS trust fund has a balance of...zero...as in not a single dime. Maybe the 200 billion was from current proceeds which would still mean our government is spending all they can tax, borrow, print and now attempt to outright steal faster then we can ever hope to overcome....

These politicians are so full of themselves.....

Miamisburg, Montgomery County, Ohio

FDIC

FDIC also has been giving the collected insurance funds to the Treasury, so the FDIC funds are like the SS funds - GONE.

Senator Ken Salazar‏

(I added the bold. Salazar is selling out.)

Thank you for sharing your concerns with me regarding the turmoil in America’s financial markets. I appreciate hearing from you.

America is in the midst of an extraordinarily serious financial crisis, by many accounts the worst since the Great Depression. As a direct result of the ongoing subprime mortgage crisis, over the past six months we have witnessed the fall of several major institutions that stand at the heart of our financial system, including Bear Stearns, Fannie Mae and Freddie Mac, Lehman Brothers, Merrill Lynch, and AIG. If the federal government does not act now, many fear additional failures may occur, with potentially devastating consequences for the economy - including, but not limited to, many, many more Americans losing their savings, their homes, and being unable to obtain loans for education or to start a small business.

The recent developments in our financial sector demonstrate a clear need for the federal government to take swift, decisive, and comprehensive action to stabilize the markets and avert further shocks to the economy. Treasury Secretary Hank Paulson, Federal Reserve Chairman Ben Bernanke, and leaders in Congress have discussed putting in place permanent mechanisms designed to provide such stability.

As my colleagues and I continue to evaluate these proposals in the coming days, my highest priority will be to protect the American taxpayer to the maximum possible extent, while working to ensure there is a system in place to prevent developments that could prove to be far more costly – additional financial failures, frozen credit markets, and economic paralysis.

In addition, I believe strongly that any plan to stabilize the financial sector must provide strong and independent oversight of the program. I also believe we must take steps to strengthen the oversight and regulation of financial institutions and the way they do business. For too long, an ethic of deregulation has pervaded Washington, D.C.; as a consequence, the irresponsible practices of financial institutions that have gotten us where we are today went largely unnoticed, and unaddressed. Putting stronger oversight and regulatory mechanisms in place is essential to preventing a similar crisis down the road.

Finally, I believe that, as we work to prevent further turmoil in our financial sector, we must also provide meaningful economic relief for the millions of middle-class American families who are struggling to stay afloat as a result these financial crises. Many families are facing foreclosure, savings are diminishing, jobs are in peril, and bills are mounting. We cannot underestimate the gravity of this moment or fail to rise to the challenge it presents.

Again, thank you for taking the time to share your views. Please rest assured I will keep them in mind as the Senate addresses this pressing issue.

Sincerely,

Ken Salazar
United States Senator

"Finally, I believe that, as

"Finally, I believe that, as we work to prevent further turmoil in our financial sector, we must also provide meaningful economic relief for the millions of middle-class American families who are struggling to stay afloat as a result these financial crises. Many families are facing foreclosure, savings are diminishing, jobs are in peril, and bills are mounting. We cannot underestimate the gravity of this moment or fail to rise to the challenge it presents."

My question would be this: So why not give the 700 Billion to taxpaying Americans, eleminate the FED and the IRS, and go back to the 'gold standard'? We'd see prosperity like never before.... the problem is that isn't what our 'representatives' really want. What the really want is the collapse of the economy so that the U.N. can step in with the NAU and the Amero.
Fu#K these guys!

Doc Holladay
Nashville, TN
http://www.myspace.com/docholladaymusic

www.reverbnation.com/docholladaymusic

Truth is treason in an empire of lies.

too logical. I've heard as

too logical.

I've heard as recent as a few months ago that the entire balance of the outstanding mortgages - not just forclosures in the US at the time was $100 billion. Missed out on some REAL savings I guess.

Haha.

yeah that is what they want

while everyone is watching this and going to get their unemplyment they take their eye off the ball. They will go give the governement all 27 points of referance info they need for the Real ID card then when they go get their liscens and put there eyes to the machine to take their eye exam they get your eye scan then you go stand there for them to get a digital picture and then they will tell you for security reasons we need finger prints for banking anyone that doesn't use a bank well there will be cop cars setting around your house to make a random stop so they can get get you to somehow give them probabl cause to take you in the'll get your finger prints and say oh woops sorry and let you go they now have what they wanted in the beginning. A person who is fully in the system with the complete requirments to meet Real ID standards they have just robbed you of your unique identifying marks the only thing left is DNA and the'll just get that when you go to the doctor the'll use the Military comisions act to require all every patient they have they must drw blood and some will be required buy them because now king paulison can now break the door down and terrorize businesses. not to mention chiping all animals, patents on seeds, codex, and all the other onse that they keep marching forward with. Now we are going to get a nice little revamped economic structure that will not even allow you touch any form of money they will probably tell you it is safer that way how can they steel from you if the money is in on a computer screen and most Americans will stand and clap and say man these guys are so smart look how they protect us from the criminals. I'm sure glad we have the new safer money system. Finally our money is safe. Yep the future looks so bright doesn't it.

Send him a bullet

And tell him that if he knows what's good for him, he will find a nice place in his brain to put it after passing the bail out.

============================

Glen Beck -- An Exposed Enemy:
http://www.dailypaul.com/node/90198
Glenn Beck Supports NAFTA and taking your job:
http://www.dailypaul.com/node/86643

LOL

Death threats. That will turn some heads.

Send him John Allison's Letter CEO of BB&T bank

Main Street is doing just fine

Man was born to be free and independent

It is at least refreshing to see him admit that the

deficit is "only" $400 billion because $200 Billion were pillaged from Social Security. On the one hand, he wants to remind what a "budget hawk" he is while not specifically saying that he'll vote against the bailout.

He says that: "This legislation may not be the final answer to the entitlement dilemma, but one must be found." If his use of "This legislation" refers to the bailout, then he's taking the bailout and merging it with his previous discussion of the "entitlement dilemma" and then concluding with "one must be found". So he's a "badget hawk", who wonders what kind of crisis it will take in order to focus discussion of the "entitlement dilemma" and, althought the "current legislation" (bailout?) may not be the "final" answer to this dilemma, one must be found. He considers the bailout to be an "entitlement"? On par with other such entitlements, like Medicare, Medicaid and Social Security?

I'm not sure I want to even begin trying to state what he is really saying. If he knows, he ain't tellin.

_________________________________________
"An economy built on fiat money is a society on its way to ashes."

_________________________________________
"An economy built on fiat money is a society on its way to ashes."

Exactly my thoughts.

Exactly my thoughts. Slippery as a greased pig. Reminds me of the slogan, "If you can't convince them, confuse them". It would be great if, for once, a politician (other than Ron Paul) could state his/her position in plain, simple English. What a crock of sh*t! Of course, he's going to vote for it..... he just doesn't have the balls to say so.

Doc Holladay
Nashville, TN
http://www.myspace.com/docholladaymusic

www.reverbnation.com/docholladaymusic

Truth is treason in an empire of lies.

stupid is as stupid does..

stupid is as stupid does.. get the money from the tax payer give it to my contributor the banker.. then he pays me off!!! isn't life grand!

I am more concerned about the return of my money than the return on my money. --Mark Twain