My Letter To Barney Frank - Demand Relief For The Rest Of Us

[MannyGoldstein]

Dear Representative:

Regarding our financial crisis, I am appalled by Hank Paulson, the federal financial regulatory apparatus, and Congress.

We've spent hundreds of billions (most of which will end up in the pockets of the wealthy who created this fiasco, and who profited mightily from it) and nothing has worked? We've had a year since the financial markets started seizing up - was that not enough time to remedy the problem?

Now we are being asked to spend yet another $700 billion (This week! Don't ask any questions!). Given the track record so far, why should anyone have any confidence that this $700 billion will do anything whatsoever? This sum will probably balloon upwards, and will, again, primarily show up in the pockets of the wealthy charlatans who created this crisis.

As my representative, and as Chair of the Financial Services Committee, I urge you to make certain that if this proposed bailout passes, it includes provisions to help the other 99% who have not profited from this financial shell game. I urge that this bailout attempt be tied to:

1. Raising the capital gains tax to at least 30%, so that the wealthy pay taxes at the same rate as the middle class.

2. Capping credit card rates at prime + 3%.

3. Repealing the awful bankruptcy law written by the credit card companies.

[dana_b]

1. good going!

I forgot to add the repeal of that bankruptcy law in those that I wrote.

[MannyGoldstein]

2. Thank You! n/t