And Ahnold is gonna be looking east for $7B (just a drop in the bucket
now), and the socialist paradise of Massachusetts, home to Bwawney
Fwank, Ted Kennedy (D-UI), Jean Kerre (who served in Viet Nam, by the
way), and Obama guvuhnuh friend Dervel Patrick, are gonna be formulating
their "request" as well. I was just a little while ago trying to figure
out how I could get me wunnathem bail-out "loans" for just a few mil.
Oh, and the car companies sneaked $25B (with another $25B potential) in
there last week too, when no one was looking.
Is there no end to rewarding or supporting failure?
--R
Chuck Landenberger wrote:
Donald,
Who is this Senator? He needs to hear from folks who agree with him
even though the $700B "deed" has been done....
Thanks,
Chuck
Phoenix AZ
On Oct 8, 2008, at 1:21 PM, Donald Snook wrote:
I have avoided getting involved in the bailout discussion mainly
because I just didn't know enough about it to have an educated
opinion. I did however see a letter from a Senator to his
constiuents that makes some pretty good points. Here it is:
As we close out the 110th Congress, a lot of important questions
about the future of the country have been discussed. The Wall Street
Bailout Package has dominated headlines in the past few weeks, and
Americans are worried about the country's financial stability.
We are at the front end of an economic recession.
I hope I'm wrong, but I don't think so. The federal government has
tools to use to reduce the depth and harm of the downturn and to
hasten the recovery. These tools need to be used and used wisely.
Our growth in exports has kept us out of a recession so far. But now,
with financial markets struck with fear and the consumer slowing
down, a downturn is occurring.
Everyone has been asking me: What are we to do?
'First, do no harm' is the Hippocratic Oath that doctors take, and
politicians should, too. Let's undo the quarterly 'mark to market'
requirement that requires companies to mark down their assets and
weaken their balance sheets and scares off lenders or debilitates
financial institutions. Mark to market should be done in such a way
that doesn't lead to bigger financial bubbles or bigger financial
bursts. And obviously, we need to update our regulation of financial
markets to see that this does not happen again.
Second, re-instill confidence. Permanently up the FDIC covered
amounts to $250,000 and provide capital to tottering institutions as
needed and requested, but the taxpayer must be protected. The
taxpayer should get some ownership in the institutions participating.
We must sell that ownership back into the markets once this situation
stabilizes.
Third, put some gas in the tank. Our economy needs money. We can
borrow and spend federal dollars and pass the debt forward or we can
free up money in the private sector already. This is what gets you
out of a recession - increased economic activity. Do the following
for a one-year period: Cut the capital gains tax rate to 5% for
assets bought or sold during the year and held for more than 3 years.
Allow expensing of depreciable assets purchased. Allow the
repatriation of U.S. capital held overseas at a 2% tax rate.
These moves would put hundreds of billions of dollars into the U.S.
economy in a one-year time period.
I've been through economic downturns before and they are tough. Lives
are impacted and scarred. As a young lawyer, I represented
hard-working farmers caught in the farm crises of the 1980's. I saw
farmers, small businesses, and banks struggle to survive. Some didn't
make it. Often the biggest thing needed was time. Time to work out
the problems.
Congress needs time to get this right. A rushed $700 billion bailout
package is unlikely to produce the long-term results we need. Plus,
$700 billion is a lot of money. You could buy all the farm land in
the top 16 agricultural producing states in America with that amount
of money. Or it could buy 4.4 million Americans a home at the median
price in Kansas.
I applaud the hard work of Treasury Secretary Paulson and Fed
Chairman Bernanke and their staffs. They are good people.
But we see this differently than they do. We didn't do much of the
subprime mortgage borrowing or lending and now we're asked to pay for
it. If that is the case, then we want something that works for the
broader economy to get us out of the recession rather than just
bailing out a few bad actors and hoping it helps everyone else.
It is for these reasons, that I voted against the current bailout
package.
However, I completely agree that we must act, but we must act right.
Donald H. Snook
McDonald, Tinker, Skaer, Quinn & Herrington, P.A.
300 West Douglas
P.O. Box 207
Wichita, Kansas 67201 0207
Tel. (316) 263-5851
This confidential message may be subject to the attorney-client
privilege or protected by the attorney work-product doctrine. If you
have received this message in error, please delete it and notify me.
http://www.mtsqh.com/
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