Senator Responses to my email and my response to Him
Submitted by bmcgrew on Wed, 10/01/2008 - 09:01Below is the response I received from Senator Isakson. Please read and respond. I would like to hear your opinions.
Dear Mr. McGrew:
Thank you for your letter regarding the economy, the financial markets and the proposal from the Treasury Secretary to the Congress.
We are in difficult financial times, and I am committed to protecting the savings and jobs of the people of Georgia by making sound decisions on both immediate actions as well as long-term actions.
First, our economic stress is rooted in the decline of the housing market. The cause of the decline was the funding of marginal credit mortgages (subprime) through the creation of mortgage-backed securities that were sold around the world. As the default and foreclosure rate on these mortgages increased, the value of the securities declined. As the values declined, the balance sheet of the financial institutions that bought them deteriorated. The market for these securities declined and ultimately evaporated, thus causing a liquidity problem for the financial institutions and a credit crisis for American consumers and small businesses.
In the immediate term, we must address the credit and liquidity crisis. In the long term, we must put in place the oversight and safeguards to ensure the transparency and accountability necessary to prevent this from happening again. The Treasury has proposed using up to $700 billion dollars to purchase, at a discount, these mortgage-backed securities. This would provide liquidity to the financial institutions and improve their balance sheets. The important question is this: "Is the taxpayer of Georgia protected?" If the Treasury properly discounts the securities to, say, 50 or 60 cents on the dollar, and holds the securities to maturity there should be little or no cost to the Treasury. More importantly, investors will return to the market and will compete with the Treasury to by these discounted securities and the market will be reestablished. I am working to ensure the safeguards necessary for maximum security for the taxpayer.
In the long term, we must bring transparency and accountability to Wall Street. While I am not a big government regulator, if the investment bankers on Wall Street were held to the same standards of transparency and accountability as our national banking system, this would not have happened. The security rating agencies such as Moody's and Standard and Poor also share some of the blame for the way they rated the subprime mortgage-backed securities, and they should be held accountable. I will work hard for the right reform of Wall Street.
The term bailout has been used a lot in this debate. Not a dollar of the $700 billion will go to the brokers who created the securities. Instead, they will go to the investors who bought them, and then only after they take a significant discount or loss. Properly executed, the Secretary of the Treasury and the Chairman of the Federal Reserve believe this proposal will restore liquidity to the credit markets and return confidence in the financial system.
I will continue to work for the best interest of our economy and the safety of the savings of the citizens of Georgia.
Thank you again for contacting me. Please visit my webpage at http://isakson.senate.gov/ for more information on the issues important to you and to sign up for my e-newsletter by choosing Newsletter Subscription from the topic list.
Sincerely,
Johnny Isakson
United States Senator
My third email to Him
After he voted for the sell-out this was my response:
Senator Isakson,
You have failed your country, your duty, your oath, and most of all your constituents-us the people. I look forward to your re-elction time for I will be doing everything in my power to vote you out of office in 2010 either in the primary or in the general election. Isakson, I am a long time Republican conservative through and through, but I WILL NOT put up with politicians who no longer serve their people or the conservative ideas that got them elected. I will vote Democrat before I ever vote for you again. If you still want to serve the Georgia people, please resign ASAP.
Thank you,
Brian McGrew
United States Citizen Whom You Failed to Represent
Tom Price
Congressman Tom Price has a poll on his site regarding should the government bailout private companies. It is required to put your name, email, and zip.
http://www.tomprice.com/
PS: Zips that work 30189,30188,30114
Transparency and accountability
of our National banking system? What country does this joker live in?
If not us than who?
I have no idea what he is
I have no idea what he is thinking; however, the chance that he gets voted out is very small considering he is a good 'ole boy here in Georgia. He and Chambliss can do no wrong.
They do everything together and vote neo-con every chance they get.
http://isakson.senate.gov/press/2008/092908econ.htm
A third of the Senate is up
for reelection in November and they all need to go. They need to be replaced with third party candidates.
Third party elected officials would not be beholden to the democratic or the republican party. Therefore, it would be more difficult to have their arms twisted to sell out their country.
Isakson fails at logic
Those are the same 2 gents who just days ago demanded that we hastily crown Paulson our economic god-emperor subject to no controls by us whatsoever. No serious person will listen to their suggestions again. Why is Isakson listening to them instead of you? He should be immediately recalled, as should anyone who voted for that bailout. We can't afford to leave these enemies of freedom in office another week, let alone another month.
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Join the Team! campaignforliberty.com
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What is begun in anger, ends in shame.
They are backing Rubin, Paulson, etc. Great article
IS AMERICA ON THE CUSP OF A MILITARY COUP?
Scroll down a bit, article on left.
http://www.usagold.com/cpmforum/?p=165979
What's amazing is how comfortable they are about deceiving the American people. Voting for the crooks! Thanks for sharing that letter.
A Response from A Concerned Citizen
Senator Isakson,
Thank you for your letter regarding your thoughts and plans for the economy, financial markets, and the proposal from the Treasury Secretary to the Congress.
We are in difficult times, and I am being convinced that you are either no longer willing to or capable of protecting the savings and jobs of the people of Georgia by making sound decisions on both immediate actions as well as long-term actions.
First, our economic stress is rooted in the decline of the dollar and central planning. The cause of the decline was the creation of the Federal Reserve and Congress relinquishing their Constitutional responsibility. As the Federal Reserve no longer had to answer for their choices, they continued to print money which affected inflation and interest rates. As inflation increased and interest rates declined, the market readjusted to “correct” equilibriums of supply and demand with inflation and interest rates accounted for. This causing mortgage companies and financial institutions to loan to American consumers and small businesses who were bad investments.
In the immediate term, Congress must address the credit and liquidity crisis through abolishing the Federal Reserve, lowering taxes, and cutting Federal spending. In the long term, we must put in place the sound currency and free-market economics to ensure true monetary transparency and accountability necessary to prevent this from happening again. The Treasury has proposed using “up to 700 billion dollars” to purchase these mortgage back securities and this is staggeringly ambiguous and unconstitutional. According to Forbes.com (http://www.forbes.com/businessinthebeltway/2008/09/23/bailou...), the 700 billion dollars is “not based upon any particular date point” that they “just wanted to choose a really large number.” Also, the bailout plan’s request that Treasury’s actions be immune from judicial oversight is unconstitutional. For unless Marbury v. Madison has been overruled, all actions of the executive branch in this country are subject to judicial review. You said, “I am working to ensure the safeguards necessary for maximum security for the taxpayer.” What bigger security can you ensure than to not bailout private companies with taxpayer dollars?
In the long term, we must bring transparency and accountability to the Federal Reserve which causes bubbles and booms (See F.A. Hayek). There is not any transparency and accountability on our “national” banking system. Who owns the Federal Reserve? Why has Congress dismissed its Constitutional responsibilities regarding monetary policy and fiscal policy? What accountability and transparency have you seen on our “national” banking system also known as a private company we call the Federal Reserve? Please work hard for the right reform, the reform of our monetary and fiscal policies of the Federal Reserve and Congress that led to this crisis.
The term bailout has been used a lot in this debate and I am glad that you think “not a dollar of the $700 billion will go to the brokers who created the securities;” however, since both Congress and the Federal Reserve will both receive a pay check this month and the brokers have already made their money, I strongly disagree. Instead, let the economy solve the problem that Congress and the Federal Reserve have created. End the Federal Reserve and restore sound currency to the American people. Of course, the Secretary of the Treasury and the Chairman of the Federal Reserve believe this proposal will restore liquidity to the credit markets and return confidence in the financial system; their job is at stake. And, Senator Isakson, if you continue to promote, enact, and enable this fiat currency and Federal Reserve, your job will be at stake.
Sincerely,
Brian McGrew
United States Citizen Whom You Represent
excellent letter!
thank you!
Thank you.
Thank you.
what lies
First, our economic stress is rooted in the decline of the housing market. The cause of the decline was the funding of marginal credit mortgages (subprime) through the creation of mortgage-backed securities that were sold around the world.
I work in construction and the reason we have a housing problem is because for the last 5 years I have had to compete with all the illegals that have come in droves and overbuilt every neighborhood. The American construction worker has always been able to provide the exact number of house our communities have needed. They have brought in illegal workers to overbuild and they have given people loans that should not have these loans in order to over build the market. They have liscensed the realtors and aloud them to make bigger %'s on the sales of homes thus taking profits from the builders. They have taken the ability for builders to pay in cash and has set up title companies that every dime of the construction money must go through in order to regulate the market. They have taken out our biggest industries first the farmer then the automakers now they have wiped out construction. There are no more big industries left other than government industies. They have created this whole thing. Our nation is under attack by communism and the American people don't realize it because they don't want to lose their little handout. It's not just our government that is corrupted the American people have been corrupted with the handouts. We are a service economy now we are only here to consume the producs from around the world until every bit of wealth has been drained out of this nation. Either these poiticians are in on it our they are the dumbest people that ever lived. We are being attacked by our own alies and we set back and join in their stupid ideas about saving all the starving babies around the world and global warming and global government while they destroy our country. This nation will go down as the dumbest nation that has ever lived if something doesn't change.
I don't know what to say
I feel dirty just reading it. To say the brokers who created the securities won't be getting the money, the investors will as a way to say the word bailout is inaccurate? I don't know. You want a response to BS? Disinfectant.
Defend Liberty!
Agreed
He lost my vote.
Ditto
I got the same reply. I told him: "If you vote FOR the bill, I will vote AGAINST you!"
Done.
My reaction
He fails to mention that Congress and the Federal Bank enabled this. It was congress' "oversight and safeguards" that allowed this.
This made me laugh and cry:
"In the long term, we must bring transparency and accountability to Wall Street. While I am not a big government regulator, if the investment bankers on Wall Street were held to the same standards of transparency and accountability as our national banking system, this would not have happened"