The full article is here:
http://money.cnn.com/news/newsfeeds/articles/apwire/7d5a5adc574ed0311071...
While at work today we had CNBC on in the background which was broadcasting the Senate Banking Committee. Normally when I hear Paulson or Bernanke on the tele it tends to urk me but out of nowhere came an old man screaming at these two...needless to say it put a smile on my face.
If anyone can find this video I would most appreciate it!
Sen. Jim Bunning has many shortcomings being that he's sided with Bush more often than not but anyone that distrusts The Fed defiantly deserves a little praise.
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I just composed this thank you note and plan to send it to all the Representatives on the list who spoke against the housing bailout today. Please join me in this effort.
Dear Rep. _____________,
Thank you for opposing the mortgage lender and Fannie Mae/Freddie Mac bailout bill (H.R. 3221). This bill will not help homeowners keep their homes. It will only serve to transfer losses from reckless lenders and borrowers and Wall Street investors to the taxpayers.
Fannie Mae and Freddie Mac are not guaranteed by the federal government and, in fact, were required to inform investors that their securities were not so guaranteed. Therefore, it appears to me that the taxpayers have no legal obligation to rescue Freddie and Fannie. Those who invested in the companies’ securities took a risk and they should suffer the losses. Likewise, the taxpayers should not be forced to pay for failing mortgages. Those mortgages are private contracts with which Congress should not interfere. The lenders and borrowers can modify the loans themselves. Furthermore, in cases of predatory lending, the borrowers already have a remedy – to take the lenders to court. There is no reason to burden the taxpayers with the certain losses from these faulty loans.
While I oppose every aspect of this bill, I am especially concerned about giving a blank check to Treasury Secretary Henry Paulson to rescue Fannie and Freddie. Although the Congressional Budget Office said yesterday that the Fannie and Freddie bailout might cost $25 billion, earlier this year Standard and Poor’s gauged the cost to taxpayers of a Freddie and Fannie bailout at $1.4 trillion.
http://washingtontimes.com/news/2008/apr/15/sp-gauges-bailout-of-wall-st...
From the article:
"The potential cost to U.S. taxpayers of bailing out Wall Street firms stricken by the credit crisis could grow to as much as $400 billion in a deep and prolonged recession, Standard & Poor's estimated yesterday.
That bill would soar by another $1.4 trillion if it included the cost of bailing out Fannie Mae, Freddie Mac and other government credit agencies, whose losses could be so massive that the U.S. government could lose its AAA rating in what would be a calamity for the U.S. Treasury and the dollar."
Rushing full speed ahead to pass legislation that will put the taxpayers at risk for this potential $1.4 trillion in losses, which it appears they have absolutely no legal obligation to pay, is utterly unconscionable.
Ultimately, this legislation will prolong and deepen the housing market downturn by taking money out of the pockets of the home buyers who will eventually stabilize the market by buying homes when prices return to reasonable price to income ratios and putting it into the hands of the reckless borrowers and lenders that ran home prices up to unsustainable levels and the investors who bought the defective loans. It is regrettable that Congress and the President are in favor of harming the American taxpayers and present and future generations of home buyers to benefit the wrongdoers who put our economy in such distress. As a concerned taxpayer, I would like to again thank you for opposing this bill and ask you to encourage your colleagues in the Senate to oppose it as well.
Sincerely,
Laura B.
Here are some more Representative who spoke against the bill (HR 3221):
Rep. Ed Royce (CA); Rep. Kevin Brady (TX); Rep. Paul Ryan, (WI); Rep. Spencer Bachus (AL); Rep. John Boehner (OH); Rep. Ron Paul (TX) (He called it the “Mother of all bailouts” and talked about the privacy components (e.g. finger printing requirement); Rep. Donald Manzullo (IL); Rep. Gresham Barrett (SC); Rep. Mike Pence (IN); Rep. Randy Neugebauer (TX); Rep. Patrick McHenry (NC); Rep. Peter Roskam (IL); Rep. John Carter (TX); Rep. Jeb Hensarling (TX); Scott Garrett (NJ);
Some got it more right than others, but at least they’re all voting “No!”
Rep. Michele Bachmann, MN, spoke in opposition the housing bill. She is awesome! She hit it dead on. Go Rep. Bachman.
Tom Mullen
www.tommullen.net
www.myspace.com/skepticsongs
"Question with boldness even the existence of a god; because if there be one he must approve of the homage of reason more than that of blindfolded fear."
-Thomas Jefferson
I don't have a link to her speech. I'll see if I can find one. They are covering the housing bill on C-SPAN. That's where I've been watching it. Rep. Scott Garrett (NJ), Rep. Kaptur (OH), and Rep. Sessions (TX) all spoke against the bill. Did anyone see if Dr. Paul spoke? Right now, they are taking some procedural votes. Then, there will likely be 2 hours of debate.
The bill will likely pass, despite Republican and "Blue Dog" Democrat objections to both the bailouts for lenders and borrowers, and to the blank check for Paulson to bailout the GSEs.
Some of us have been sending thank you notes to those who have had the courage to speak up against the bill. Sen. Bunning is still saying he'll do what he can to block it. If you want to send a note, you can get their addresses at http://www.congress.org/congressorg/home/. Just click on "Officials" at the top and then they are listed alphabetically or by state. You can also put in your zip to find your Congressmen.
I like the thank you note idea. It will probably be sniffed by dogs and x-rayed in this day and age, but I'm sure the thought would be appreciated! It's nice to do something rather than complain for a change, too!
I just hate to think we have to "suck up" to representatives just for doing their duty, but I'd rather think of it as operant conditioning - vote correctly, get pat on head. :)
Unfortunately, this article just hit the headlines. It looks like that bastion of free markets, George W. Bush, has taken his veto threat off the table, so you might as well cancel that trip home to see the family at Christmas this year, Congress is about to spend your airfare on Fannie Mae.
http://biz.yahoo.com/rb/080723/fannie_freddie.html
Tom Mullen
www.tommullen.net
www.myspace.com/skepticsongs
"Question with boldness even the existence of a god; because if there be one he must approve of the homage of reason more than that of blindfolded fear."
-Thomas Jefferson
I agree we shouldn't have to thank them for doing the right thing, but most in Congress seem to be motivated by two things -- money and power. Many Republicans are likely voting for this bill because they are afraid of losing their power. They know that the Democrats will use it against them in the upcoming elections. Democrats will say that they voted against "helping families losing their homes to foreclosure". Even though a little analysis shows that this bill won't help families keep "their" homes but will only serve to transfer bank and Wall Street losses to the taxpayers, it takes longer than a sound bite to explain. I think those standing up to the legislation are pretty brave in light of the slanted mainstream media coverage of the bill and the rhetoric of those supporting the bill and am happy to send them a little encouragement.
The debate on the bill is on C-Span right now. I'm trying to keep track of those who speak up against it. I'll post a list later in case anyone else wants to send thank you notes.
From Bloomberg:
Fannie, Freddie Rescue May Cost $25 Billion, CBO Says
http://www.bloomberg.com/apps/news?pid=20601087&sid=atix1Kea2wh8&refer=h...
"Senator Jim Bunning, a Kentucky Republican who argued with Paulson at a congressional hearing last week over the bailout's potential costs, rejected the CBO estimate as too low. ``I don't believe a word of it,'' he said."
I hope he keeps calling them out. S&P gauged the cost of a Freddie and Fannie bailout at $1.4 Trillion earlier this year. http://washingtontimes.com/news/2008/apr/15/sp-gauges-bailout-of-wall-st...
"The potential cost to U.S. taxpayers of bailing out Wall Street firms stricken by the credit crisis could grow to as much as $400 billion in a deep and prolonged recession, Standard & Poor's estimated yesterday.
That bill would soar by another $1.4 trillion if it included the cost of bailing out Fannie Mae, Freddie Mac and other government credit agencies, whose losses could be so massive that the U.S. government could lose its AAA rating in what would be a calamity for the U.S. Treasury and the dollar."
Kentucky Senator Slams Support for Mortgage Giants
http://biz.yahoo.com/ap/080722/ky_bunning_mortgages.html?.v=1
Sorry, that should be "thank you notes".
Time to thank Sen. Hagel, too. Let's keep encouraging these guys to resist the power grab and bailouts.
From Bloomberg:
Paulson 'Very Optimistic' on Freddie'Fannie Rescue
http://www.bloomberg.com/apps/news?pid=20601103&sid=aGn4Ioxg8g9s&refer=n...
"Senate Banking Committee member Charles Hagel, a Nebraska Republican, sent a letter to Paulson last week asking why taxpayers should extend "an unlimited line of credit'' to the companies while their chief executives "continue to make multimillion dollar salaries and bonuses?''
Fannie Mae CEO Daniel Mudd, 49, was paid $11.6 million in salary, stock awards and other compensation last year. Freddie Mac Chief Richard Syron, 64, received $18.3 million in total pay last year."
You can find addresses and send e-mails at http://www.congress.org/congressorg/home/.
House Republican Leader Confident in Rescue Plan
http://www.nytimes.com/2008/07/17/washington/17fannie.html?_r=1&oref=slo...
Looks like this might pass next Wednesday.
Democrats, Paulson Fight to Keep Housing Bill Moving
http://news.yahoo.com/s/nm/20080716/pl_nm/fannie_freddie_congress_dc
This article says that Congress may pass the housing bailout including the Fannie and Freddie bailout as early as next week.
Also, I saw on http://www.stopthehousingbailout.com/ that there is a letter writing campaign at
http://globaleconomicanalysis.blogspot.com/2008/07/contact-your-senator-...
against the Fannie and Freddie bailout. Please check out these sites. They've been working really hard to stop the bailouts.
Here's the transcript from Larry Kudlow's interview with Sen. Bunning:
http://www.cnbc.com/id/25705452
And, here's the video (you have to watch it on Explorer because it doesn't work on Firefox):
http://www.cnbc.com/id/15840232?video=794272841&play=1
Did you see Dr. Paul on Your World, Kudlow, and Glenn Beck tonight?
He did some great interviews and is finally getting some respect. Campaign for Liberty has the Your World and the Kudlow videos up now.
Another Senator we should consider thanking for being on the right side of this issue is Sen. Jim DeMint. He has opposed the housing bailout with Sen. Bunning and from an article in the Washington Post yesterday:
“And yesterday, one of those senators, Jim DeMint (S.C.), released a statement skeptical of the Treasury proposal. “Congress should not use this ‘crisis’ to rush the government into the mortgage business,” the statement said.”
He's right to be skeptical. Maybe we should write to him with all of the reasons to oppose the housing bill and the bailout of Fannie and Freddie.
I sent him a thank you note yesterday after he spoke. Several people over at the Campaign for Liberty also sent him a thank you note.
Good for Bunning. At least he sees how The Fed is a type of socialism. As is Fannie and Freddie. EJ Dionne wrote a column about the Fed this past weekend basically saying the Feds failures show how capitalism and free markets do not work. Wow. This is a mainstream writer, progressive sure, but still mainstream. Dionne makes the exact opposite point than reality. This is why so many people are brainwashed, this is why our message is so important to convey, so people have the truth. The Federal Reserve, and government sponsored entities such as Freddie and Fannie, is not free markets, they are a bizarre union of socialism and central planning of our economy and corporatism...
For laugh here is the link to the column from EJ Dionne:
http://www.washingtonpost.com/wp-dyn/content/article/2008/07/10/AR200807...
Our time is NOW.
I will use my infinite resources here in the Oregon wilds to send him a thank you.
Sorry we need to be able to delete comments!
.
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Give him a call or write him a letter knowing how proud of him you are.
Sen. Jim Bunning
316 Hart Senate Office Building
Washington, DC 20510
Main: 202.224.4343
Everyone likes to be thanked for a job well done. Maybe if we did this in mass more often for different politicians it may send a positive message about BTM. Yes more often than not they do more bad than they do good but what the hell its an idea that may gain us some clout and some friends.