This is a letter (the second of two) that I've sent to our Honorable Congressman Marshall. I've yet to receive a response to the first, but since the "bailout bill" didn't pass as presented, I thought a second letter was in order. Because, who knows what they'll try to pass next.
Dear Congressman Marshall,
I read that you were quoted as saying..."I just hope that the damage that was predicted to be done if we weren’t able to pass something, does not occur. That the experts were wrong, and that we don’t see the kind of terrible problems the expert said we would see if we couldn’t pass something.”
Jim, I trust you've done your due diligence. Yes, some experts have predicted the "collapse of our economy", that the figurative "sky would fall" and that a playback of The Great Depression would be certain if this $700 Billion rescue package did not pass.
However, many more experts, including Chief Economist at First Trust Advisors Brian Wesbury, Donald Trump, Newt Gingrich, Bruce Bartlett and Legg Mason Capital Management CEO Bill Miller say the plan you voted for is not neccessary in order to stabilize our markets. The plan you voted for is not the only plan that could help solve some problems. WE NEED SOME PROBLEMS! You know...it's good for people to feel pain occassionaly. It helps us learn and helps us grow.
So many people are acting like there are only two options. Either commit to a ridiculous amount of taxpayers money and save the market OR watch the America we know disolve. That is a crock and a juvenille attempt to manipulate our elected officials, like you, into quickly passing a plan that is bad for taxpayers.
Sarbane-Oxley has played a large role in the mess we find ourselves in. The "Mark to Market" accounting rule has also helped lead us to our present situation.
If we could change the "Mark to Market" rule, back up these securities with FHA insurance and perhaps lift the taxes on Capital Gains, we'd see a huge turn-around and the majority of this mess would correct itself without handcuffing the taxpayer to debt we don't want. This is advice from many, many, many, many other experts.
Back to your quote at the top of this email. You refer to "experts" and all the bad they implied would happen if this particular piece of legislation wasn't passed. I suggest your listening to the wrong experts. Perhaps they have an agenda or perhaps they are just wrong.
You stood some pretty firm ground by betting your seat on this bailout. I am staunchly against it, am discussing it with customers and friends and will do what is within my power to make sure our tax dollars are not spent to solve this financial mess, regardless of the consequences my 401K or business suffer.
I know this is a stressful event and I wish you the best on finding a solution.
See you at the next race,
Troy Tarpley
Labels: $700 Billion, bailout, Brian Wesbury, Dave Ramsey, economist, FHA, jim marshall, mark to market
