Dear Representative/ Senator:
I urge you to oppose Treasury Secretary Henry Paulson's $700 billion bailout of Wall Street.
The bailout:
- violates the Constitution by authorizing the Treasury to purchase bad mortgage-related assets.
- greatly enlarges our national debt and further erodes the value of our dollar.
- bails out Wall Street at the expense of Main Street by putting taxpayer funds at risk while freeing up banks to continue making bad loans.
Already, hundreds of billions of dollars have been spent bailing out Freddie Mac, Fannie Mae, and AIG, and the final price tag for those moves could result in trillions of dollars being added to our national debt.
The bailout plan ignores the fundamental reason why our economy is in such crisis: the Federal Reserve and the federal government's interference in the market and manipulation of the money supply spurred major banks and other corporations to back bad mortgages.
Adopting this proposal will only continue the same flawed practices and greatly worsen the long-term effects.
The way out of this current economic crisis is to return to the principles that made this nation great: constitutionally- limited government, personal freedom, low taxes, and a belief in sound money.
I am asking that you strengthen our economy by taking action to:
1.) End the Bailouts - The Federal Reserve's authority to use taxpayer money to bail out Wall Street must be revoked and the Fed must be held accountable.
2.) Cut Taxes and Curb Regulation - If we really want to stimulate businesses and revive the market, we need to cut corporate and capital gains taxes, spurring investors to come back to the market and making it easier to attract new workers and clients. It is also time to repeal failed legislation like Sarbanes-Oxley, which has crippled capital markets, diminished our competitiveness, and greatly harmed small businesses.
3.) Reduce Spending - We must freeze all non-entitlement spending by the federal government at current levels and eliminate wasteful spending both domestically and in our trillion-dollar overseas budget. Our debt has to come down, and it won't until we start living within our means. Reducing spending and cutting the debt will strengthen our dollar and reduce our cost of living.
4.) Reform the Monetary System - If we are to have long-term economic progress, we must end the system of printing money out of thin air. The current laws limiting the circulation of gold and silver-backed currency must be overturned.
Thank you for your attention in regard to this matter. I will be closely watching as events unfold over the next several days. A vote to approve the bailout plan will cost you my vote for your next reelection bid.
Sincerely,
[Your name]