Dear Congress,

But the MSM went crazy saying that "talks of a new bailout plan caused the market to rebound." In my city one the ABC affiliated local news show said that the new plan proposed Wed. is making the market recover after "yesterday's losses". HELLO, yesterday saw a 500 point increase! They are such mindless drones.

Just stay home.

If you look at the Constitution, Article 1, Section 4, you'll see this:

"The Congress shall assemble at least once in every Year, and such Meeting shall be on the first Monday in December, unless they shall by Law appoint a different Day."

Back in the day, they did not expect Congress to need to meet together very often, and were concerned that members may not feel the need to meet even on an annual basis. So the framers of the Constitution felt it necessary to designate that they need to meet at least once a year.

If you study background information on the Constitution, you'll see that Congress Critters were not intended to spend so much time congregating. The idea that members meet together as often as they do today is born only out of greed and power plays. Look over several days of Congressional record, and you'll find that most days are filled with such urgent action as naming a tree in someone's honor or designating the 3rd Tuesday after a full moon "National Banana Peeling Day" or some such. Lots of wasted time, effort and money, not to mention lots of wasted representation.

Today's Congressmen would do well to stay away, and not just right now. They need to regularly spend their time being active in their own communities and states. Once again, it comes back to this: let's simply return to our Constitutional roots.

If this Bailout passes you are borrowing the money in my unborn grandchildren’s name!
We as a nation and individually have all lived on credit for the past few years and it is our generation’s job to pay that money back. (By letting the free market work we can do that)
If times are going to be tough then so be it. We made this problem and we need to be responsible and take our medicine, not just close our eyes and keep the problem going. We can not walk away and stick our grandchildren with this bailout bill! I hear the media say we must open up the credit market. That is the worst thing we can do! We need to learn to live with in our means and pay our bills! I don’t borrow money if I can’t pay it back. I have no right to expect a loan. I am willing to work and save for my needs and I expect my government to set the same example for the American people. Our country has no money! We have no right to get a loan from our future generations!
My generation made this economic problem and it is my generation’s duty to fix it! Bring on a depression if need be, we deserve it because we barrowed with no means to pay it back!
Our foreign policy reminds me of my ex-husband. He would take out a loan and go to the bar and by the house a round! He had no job and no way to pay that money back but it made him feel good for a while. Later he wanted me to pay back the loan!
America gives away money for humanitarian aid to foreign countries and it makes our people feel good but we don’t have the money! Where will it come from?
Our national dept just grows and grows and grows. We must STOP the spending and live with in our means! The media says we the people don’t understand the problem. Yes we do! It is not rocket science to see what we are doing! Any responsible adult can see what is happening. Please let the market fix the problem. Yes innocent people will be hurt. If you want to stop hurting innocent people PLEASE STOP spending money we don’t have!

Thank you,

End the Federal Reserve today, and it will only get better.

NWO for Dummies
http://www.youtube.com/watch?v=WRLE_-oVkW0

Seems to me that if we want to take power away from the elite who benefit from the Federal government, then people need to stop holding and investing in T-bills and become their own bank. An investment in T-bills empowers the elitists controlling the Federal government. Withdrawling our investment is their biggest fear. Holding onto T-bills locks up dollars as they say. I suggest investing in something other than T-bills such as physical food, supplies, silver and gold. These items stimulate our economy and the individual is empowered. But, what the hell do I know?
grant

hahaha! that was a good laugh.

This is so true, I hope somebody will transmit to message to them

www.wtpcast.com
www.wtpcast.com/default.aspx
www.wtpcast.com/default_for.asp

http://tikilounge.blogspot.com

Well said.

'nuf said

Government meddling is what got us in this mess in the first place. They meddled with the Glass-Steagall Act that served this country well for over sixty years.

I find it interesting that the so called expert on the Great Depression, Bernanke, made no mention of reinstating this act when he and Paulson were begging Congress for this bailout.

And look at where we are now...nine years after this act was repealed.

If Congress wants to do this country a favor the Act they should repeal is the 1913 Federal Reserve Act.

What Was The Glass-Steagall Act?

by Reem Heakal (Contact Author | Biography)

In 1933, in the wake of the 1929 stock market crash and during a nationwide commercial bank failure and the Great Depression, two members of Congress put their names on what is known today as the Glass-Steagall Act (GSA). This act separated investment and commercial banking activities. At the time, "improper banking activity", or what was considered overzealous commercial bank involvement in stock market investment, was deemed the main culprit of the financial crash. According to that reasoning, commercial banks took on too much risk with depositors' money. Additional and sometimes non-related explanations for the Great Depression evolved over the years, and many questioned whether the GSA hindered the establishment of financial services firms that can equally compete against each other. We will take a look at why the GSA was established and what led to its final repeal in 1999.

Reasons for the Act - Commercial Speculation
Commercial banks were accused of being too speculative in the pre-Depression era, not only because they were investing their assets but also because they were buying new issues for resale to the public. Thus, banks became greedy, taking on huge risks in the hope of even bigger rewards. Banking itself became sloppy and objectives became blurred. Unsound loans were issued to companies in which the bank had invested, and clients would be encouraged to invest in those same stocks.

Effects of the Act - Creating Barriers
Senator Carter Glass, a former Treasury secretary and the founder of the U.S. Federal Reserve System, was the primary force behind the GSA. Henry Bascom Steagall was a House of Representatives member and chairman of the House Banking and Currency Committee. Steagall agreed to support the act with Glass after an amendment was added permitting bank deposit insurance (this was the first time it was allowed).

As a collective reaction to one of the worst financial crises at the time, the GSA set up a regulatory firewall between commercial and investment bank activities, both of which were curbed and controlled. Banks were given a year to decide on whether they would specialize in commercial or in investment banking. Only 10% of commercial banks' total income could stem from securities; however, an exception allowed commercial banks to underwrite government-issued bonds. Financial giants at the time such as JP Morgan and Company, which were seen as part of the problem, were directly targeted and forced to cut their services and, hence, a main source of their income. By creating this barrier, the GSA was aiming to prevent the banks' use of deposits in the case of a failed underwriting job.

The GSA, however, was considered harsh by most in the financial community, and it was reported that even Glass himself moved to repeal the GSA shortly after it was passed, claiming it was an overreaction to the crisis.

Building More Walls

Despite the lax implementation of the GSA by the Federal Reserve Board, which is the regulator of U.S. banks, in 1956, Congress made another decision to regulate the banking sector. In an effort to prevent financial conglomerates from amassing too much power, the new act focused on banks involved in the insurance sector. Congress agreed that bearing the high risks undertaken in underwriting insurance is not good banking practice. Thus, as an extension of the Glass-Steagall Act, the Bank Holding Company Act further separated financial activities by creating a wall between insurance and banking. Even though banks could, and can still can, sell insurance and insurance products, underwriting insurance was forbidden.

Continue Reading Article...

http://www.investopedia.com/articles/03/071603.asp

Day 1: BAILOUT FAILS!

Day 2: STOCK MARKET UP!

The world didn't end.

And the Free Markets work!

~
...this Jewish holiday serendipitously fell on this day.

This really was a gift for us. It gave everyone..and the market...a chance to *chill* and realize the sky was not falling.

All in favor say yay,,,,,, opposed nay

Lovin it.

The dollar is up (significantly) against the yen, euro and pound.

Funny... the Press is "spinning" this as a sign that the world markets are hopeful that Washington will pass the bailout. I think they've got it all wrong...

Could it just possibly be that the world markets are expressing a vote of confidence toward the American people's act of will yesterday? The first moral thing America's done in quite a while and in spite of our government? Are people in other nations encouraged that maybe, just maybe average American's have finally awoken and are starting to reel in the criminals who've taken over our governmental and our financial institutions?

My money is on the latter.

Gob Bless Ron Paul!

stay out of the way and let market decide.

http://www.votenader.org/blog/2008/09/10/statement-to-ron-pa...
http://www.flickr.com/photos/57925480@N00/2660779139/sizes/l/

Amen! (and I'm not even religious)!

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Stock up, it's gonna be a long winter.

better myself...bump..

the truth! Thanks Michael