Tell Paulson & Congress that you know a better way!
by Presidential Candidate Orion Karl Daley - 09/23/2008
Watch C-Span2 Congressional Hearing on Bailout
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My Fellow Citizens:
I write you as Congress convenes on a momentous decision to 'supposedly save Wall Street'. I know and believe that you know, that like in declaring war, this decision affects each one of our lives for many years to come! How ? your taxes, that is how ! Directed by the sitting president, where differences in the Republicans and Democrats is window dressing, the decision is to have the Federal Government absorb upwards of $1 Trillion of bad debt so as to enable Wall Street to function once again. |
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Meet Orion Karl Daley
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I can only agree that it is necessary to have Wall Street function in order to retain what economy we have left in our nation.
But I contend that there is a better way.
I ask, should it not be the responsibility of Wall Street to correct this major problem of $1 trillion bad debt, or is yours? Simply, if we are to trust Wall Street in the future, should we not trust them now to fix their problem, or is this a band aid at tax payer expense ? The Government, in absorbing this debt is you absorbing it. They will try to sell it as bonds to investors with your tax dollars to pay it off. But this will be through high risk junk bonds! This is unusual to be issued by our government. But they must assume that it is easier this way just to hand the American tax payer the bill. This means that for an investor , such as China, Kuwait, Dubai, or Saudi Arabia to invest in these junk bonds, that they would probably expect for every dollar , to have a return of at least 3 to 4 times. After all, would you buy such bad debt with out good reason ? This makes this not a $1 trillion, but a $4 trillion liability that each of us will shoulder. Further, to invest in such risk, a foreign investor should also expect these bonds to be callable. This means that they can be fully redeemed upon demand before their maturity. There is no way that these junk bonds can be fully redeemed. The Fed cannot just print more money, and this can only jeopardize what economic solvency we might have some day. This solvency is what true national security is about: the health , safety and welfare of our families. The guarantee of this debt is to be on the American tax payer: This means you! Already, our nation has the most unprecedented debt of $10 trillion that we have ever had in history; and we are already as tax payers, expected to pay this off. But now it will be $14 trillion if we let Congress have their way! Already, over 500,000,00 homes have been lost to foreclosures, where some citizens have now learned what soup kitchens and shelters are. Since year 2,000 over 2.4 million union jobs have been lost, and there is no horizon for relief in our economy. Yet , it is the American citizen that is expected to bear this crippling burden. It is expected that our children and then theirs are to as well. Which comes first, your family or taxes. How do you think the government will see it ? This is not necessary, and I ask you to help me tell Congress that there is a better way! I have always contended that we are not a nation of surfs that serve modern day feudal lords, and we do not serve Wall Street! It is capitalism that is to serve us, and not that we are to serve it. It is Wall Street that should be serving the American Citizen and not the other way. Given guidance, Wall Street can bail it self out with out the American tax payer having to absorb the bill. They can build liquid capital, meaning true money in investments. This can be accomplished through ethical means, where there is no swindle, not a game, and not a hustle. By the government allowing Wall Street to temporarily reinvest what they normally would pay in quarterly taxes, Wall Street in a matter of a short time can earn actual money to back what was their trillion dollars of bad paper. If the government does so choose to sell junk bonds, it is Wall Street that can back them in a meaningful way. I ask you to help me tell Congress. The pen is mightier than the sword, and our email and phone calls to Congress are mightier than any lobbyist. I have a letter which I sent to Congress, and I ask you to read it carefully. You might ask, well did Congress already think of this? But consider, that you are actually promised some tax cut by a presidential candidate. Okay - then how ? Did you also realize that the economic stimulus package just a few months ago was money borrowed from foreign lenders? It was not a tax cut that you received, but instead, another reason to tax you more later. My letter to Congress demonstrates the means in how Wall Street, given our government's consent can ethically bail itself out. I ask you to send this letter or one like it to Congress. For your State, you have two Senators where you can send them such a letter by web mail. This is by you point and clicking your mouse to their specific web sites from http://senate.gov. For your community, you also have a member in the House of Representatives: http://house.gov . They too have a means to get web mail from you. You can sit back where only a point and click is truly what is only required. But consider, how many family, friends and neighbors do you have that can do this too - and imagine if they too sent an web mail to congress telling them of the better way ? As I send this to just 100, who also send it to another 100 people they know - then you have helped mobilize 10,000 emails to to the Senate and the House. But then just imagine if that 10,000 told another 100, there would be 1,000,000 people would be telling Congress that there is a better way. That is what you point and click using just your index finger is worth my fellow citizens: in other words, what it is worth today. Respectfully Yours, 
Orion Karl Daley Presidential Candidate for 2008 for the Strategic Future of our nation Author - The New Deal ISBN: 1419670948 Balanced Party http://unity2008.org New York, NY, USA - |