What to Write Your Reps Re- Who Should Be "Rescued" First

[snot]

I think we need to continue to push our reps -- they've done nothing v. helpful so far. If you agree, pls k&r.

Here's what I sent my reps today; feel free to appropriate, modify, post better versions, etc. -- thanks!

From:
Subject: Who should be "rescued" first
Date: October 19, 2008 9:03:08 PM CDT
To: [e-mail] (Rep. Pelosi, for those of us who are not her direct constituents. Also sent to my own reps and Senator Leahy.)

Dear Speaker Pelosi:

I am, or was, on the uttermost brink of full retirement. I have worked very hard since I was 16 years old, saved my pennies and invested, avoided debt, and I'd finally saved enough that I could afford to retire, though not lavishly.

Even though my savings were extremely conservatively invested, the last few weeks have seen them demolished by 25%.

I am too old to wait ten years for the markets to recover. I can no longer afford to retire.

I do not believe the end of bad economic news is in sight. I am smart, and I have been reading knowledgeable sources closely. Even if a bottom has actually been reached in stock and other markets, I don't see foresee the general economy or markets recovering any time soon.

Moreover, real inflation on the items I actually need to buy has already been in the two-digits this year, and it's about to explode because of all the "money" being created in response to this mess. Taking real inflation into account, the real hit to me personally is far more than 25%.

And of course, many near-retirees were NOT as conservatively invested as I was and have suffered much larger losses.

I feel like a serf who's been encouraged to work and invest all my life, and now my retirement funds are being pillaged to enrich Wall Street pirates.

The bad mortgages are NOT the real problem -- they represent only a small percent of the total wealth that's being sucked out of our economy. The big losses are in the derivatives.

I don't mind bailing out poor people who got mortgages they shouldn't have gotten -- but I do mind bailing out their lenders, who knew or should have known better.

More importantly, I don't even mind bailing out lenders that did not help create the mess and who bought derivatives as part of a prudent strategy to try to insure themselves against loss from mortgage-backed securities they actually owned.

But most importantly, I DO mind very MUCH bailing out people who bought or sold derivatives NOT to hedge against losses for securities they actually owned but simply as a "bet." These people were engaging in naked speculation, and it is not ONLY morally wrong to require people like me to bail them out; it is a huge mistake as a practical, policy matter. These people MUST pay for the bets they chose to make -- certainly not me, and most certainly not people even less fortunate than me.

Please tell me what YOU are going to do to "rescue" me and the other "little people" who are going to suffer even more than I will.

And please understand that I KNOW that part of that solution has got to be ACCOUNTABILITY. Every bailout dime is coming directly out of the blood, sweat, and tears of us little people. The gamblers on Wall Street must be the ones who PAY for the mess they created. Don't suppose for one minute that if you instead allow them to exploit us, we won't notice.

I realize your job is hard, especially these days.

But we, I, cannot afford more mistakes.

Thank you for your time and consideration.

Sincerely,

[Skittles]

1. thank you for the emphasis on accountability

it kills me that I am raked over the coals at work if I make even relatively minor mistakes but these fuckers get handed bonuses along with their bailout - WTF

[snot]

2. thank you, & totally agreed --

it's totally obscene.

A fantasy I had today: I'd almost be fine with leaving these a-holes all be, if we could just have them be required to do one thing. The gov. buys a MacDonald's franchise, and they are required to show up and work there for MickyD wages for one year, and to actually live on those wages.

[DemReadingDU]

3. afternoon kick