Demand Congress Put the Brake on $700 Billion Bailout

The Associated Press reports:

Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson urged Congress on Tuesday to quickly pass a $700 billion financial bailout, warning that letting problems persist would have dire consequences for the national economy.

The nation's top two economic leaders made the assertions in prepared remarks to be given later Tuesday to the Senate Banking Committee. Their latest take on the financial crisis came as the Bush administration and lawmakers scramble to forge an agreement on a plan that could be the biggest such bailout in U.S. history.

I don't know about you, but I'm mad as hell and I'm not going to take it any longer!

If you haven't done so already, pick up the phone and call your Representative and your two Senators and let them know exactly how you feel.

In speaking with a staffer at Sen. Mikluski's office I learned that one of my two Senators had already voiced my concerns on the floor of the Senate.

Senator Barbara A. Mikulski (D-Md.) took to the Senate floor today to urge Congress to take prompt but deliberate action to help resolve the financial crisis. The Senator voiced her strong opposition to allowing the Bush Administration to stampede a proposal through without careful vetting and consideration to ensure that middle class America is not punished for Wall Street’s errors.

“We must act with resolve, but we cannot be a rubber stamp for the Administration’s proposal. This gives sweeping authority to those who were asleep at the switch in the first place,” said Senator Mikulski. “This is a three-page bill that gives the Secretary of the Treasury unlimited power to intervene in our financial markets, without any review by Congress, agencies or courts. This makes Secretary Paulson a financial czar – it says, give us a blank check with no balances. Well, I say, no checks without balances.” [...]

“Americans are mad as hell and they want to know, what about them? They’ve watched Wall Street executives pay themselves lavish salaries. They’ve watched them do irresponsible lending practices. They’ve watched them do casino economics, gambling on risky investment mechanisms and now those very same Americans who’ve worked hard and played by the rules and were prudent investors, prudent savers, prudent citizens are asked to pay the bill for those who didn’t. [...]

“Now, George Bush said he was the first M.B.A. President. Well, hello? I don’t have confidence in this administration. Remember? This was the same crowd that brought us Katrina, FEMA and hey ‘you are doing a great job Brownie.’ Is this what we’re now supposed to say to those managing our finances? I don’t think so. We also have to prudently ask ourselves, ‘Are there better options?’

Sen. Mikluski is one voice among 100. You simply MUST call your Senators and demand that they join her in calling for accountability from this administration -- and to put the brakes on giving it a blank check. You can't afford NOT TO.

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