My Republican Rep won't support HR1207!Submitted by silentboom on Wed, 03/18/2009 - 09:58
This is maddening!!!!! Read below:
"Thank you for bringing your concerns to my attention. I appreciate the time you took to contact my office on this important issue and welcome the opportunity to respond.
As you know, the recent bailouts of the financial industry, the auto industry, and the twin efforts to stimulate the economy have cost trillions of dollars. As I am sure you also know, the federal government was operating at a substantial loss before these expenditures. Those trillions must come from somewhere. If spending is not curtailed, or revenues are not increased, there are really only two ways the government can finance its deficit: First, the Department of Treasury can issue debt to investors around the world. Second, the Federal Reserve can "print money" and put it into circulation.
Congress places a cap on how much debt the Treasury can issue, but it does not place a cap on how much money the Federal Reserve can "print". This is the main source of concern for critics of the Fed and increasingly investors as well. From August of 2008 to December of 2008, the Federal Reserve doubled the "monetary base", or the amount of money under its direct control. The Federal Reserve was designed to be as independent of politics as possible. The reason is simple: good politics doesn't necessarily equal good economic policy. The Obama "stimulus" plan, for instance, is a prime example of that.
Yet despite this need for independence, it is important that Congress keep a close eye on the big picture, both in terms of economic security, and the relative power that this small groups of people has. Some critics argue that opening the Fed's books for public inspection would accomplish these goals. There is a concern, however, that revealing which banks are borrowing from the Fed on a short-term basis, or how much they are borrowing, would create uncertainty about those banks' health, and could create or spread a panic. There is legitimacy to those concerns, and Congress should approach the subject in a sober and deliberate way.
Throughout my tenure in public service, I have always kept an open door and an open dialogue with my constituents. As Congress addresses the many challenges facing our nation, I hope you will continue to share your thoughts and views with me. Accordingly, I encourage you to visit my Web site at http://brown-waite.house.gov to email me and find useful information about our 5th Congressional District.
It is my honor and privilege to serve the people of Florida's 5th Congressional District and my offices and staff are here to provide you with any assistance you may need.
Member of Congress"