Hi Jim,
First, thank you for your kind donation of digital products for me to make available to the JP Award winners.
But I must disagree with you on your request for senators to vote against this rescue package, as the whole global financial market is now in free fall, with banks in Europe being bailed out by their respective governments.
This has come about because of sub prime lending, what this means is banks in the USA have lent money to people who couldn't really afford to pay a mortgage. And so when they found out they couldn't pay have defaulted on their mortgage payments, So then the bank has reposesed their property. This then caused a slump in the USA housing market, and then they couldn't sell these assets on.
So what we here in Britain and the rest of Europe want is some sensible rescue package for the USA financial market, ok I agree with you that its a bum deal for the average Joe to comprehend, but its only a tempory measure.
You also have to remember that a lot of pension funds are tied up in banks and shares, so its really important that some sense prevails when the house votes again. I personally have no axe to grind but I do understand how world economies work, and at the moment the USA is in crisis so don't think its just a bailout of the fat cats, its important for Joe public as well.
Well thats me finished on my soapbox
Best Wishes
John.
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