Heyer Capital, LLC

investment management and timely advice from a local CPA (Fox Valley, Wisc.)

Letter to my congresscritter

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There’s a lot of truth to the bumpersticker: ” If you think there’s nothing wrong with your Congressman, you’re part of the problem. “

For what it’s worth, I’m posting my fax that I sent to my congresscritters. Since they’re going to pretend it’s a democracy, I’ll keep playing along.

 

***************************************

via fax: (202) nnn-nnnn

 

Dear [insert congresscritter]:                             September 24, 2008

The fact that the White House is flying by the seat of its pants is itself the very reason to reject the Wall Street bailout aka “Paulson’s Folly.”  Federal Reserve Chairman Bernanke has admitted the deception:  there will be no “low bidder” auction; instead the Treasury will pay above-market prices. Outrageous!

Of course the Treasury is going to pay above-market prices and rich premiums for the mortgage bonds. This ‘clog’ of bad investments to which they keep referring could be cleared immediately at lower offered prices. But no one on Wall Street wants to take their medicine. Wall Street paid out BILLIONS in bonuses (God bless ‘em,) but now Congress should not force the taxpayer cover the losses.  This proposal is reeks of “heads Wall Street wins; tails I lose.”  Do not participate in this highway robbery.

As little as two weeks ago, Paulson assured the public that the system as was safe and sound.  They scurry around now, urging panic and spreading fear, to prevent Wall Street from paying the tab for their recklessness.  King Henry is either incompetent, ignorant, or deceptive, and he and his successors are unworthy of neither a $700 billion revolving line of credit nor continuing in their high office. 

Their unstated purpose is to prevent a dollar collapse by making a market for foreign holders of US mortgage bonds. The fact that, by the proposed law, those bonds have to first be laundered and marked-up through US-headquartered firms is just gravy for Wall Street. 

It is prudent to restrict the authority to purchase only those securities that were owned by an American firm prior to July 4, 2008, or some such date that prevents a foreign bailout. 

 

 

Sincerely, 

Brian G. Heyer, CPA, MBA

 

P.S.  Remember what happened the last time President Bush rushed to action with only a “just trust us.”     Fool me once, shame on me.  Fool me twice…

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Written by heyercapital

September 24, 2008 at 11:03 am

Posted in Uncategorized

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