Bush Speech Financial Crisis NightMare for American Taxpayers- Act Now!

By: Mike_Shedlock

In case you missed Bush's speech you can see it in this MSNBC Clip . This is a critical juncture. We absolutely need your help for another massive Fax-In, Phone In.

Fax Title: No Deal Start Over

Senator

I can sum up my thoughts on Bush's speech in four words "No Deal Start Over".
I watched Bush's speech tonight and it left as many questions unanswered as before.

Specifically, it provided no assurances that the problems will be solved by throwing $700 billion of taxpayer money at failed institutions.

A $700 Billion Tax

Let's be honest. This bill is a $700 billion tax on the US taxpayer. It will be the largest tax bill in history.

Former Governor St. Louis Fed: "taxpayer losses will be large."

Bush claims the value of these assets will likely be higher than the current price. I disagree. So does William Poole Former Governor of the St. Louis Federal Reserve Bank who states " The Treasury will be stuck with the least-attractive paper, and that means taxpayer losses will be large. "

President Bush Is Disingenuous

Bush claims the Government is patient enough to buy assets at their current price and hold on to them until the price recovers. That is not the Paulson plan. Paulson and Bernanke do not want to buy at distressed prices they want to buy at above market prices to recapitalize banks, hoping they guess right. The Fed chief explicitly said "paying prices higher than the bad assets would aid the economy".

Bernanke and Pauslon have not guessed right about anything for years, including interest rates, or we would not be in the mess we are now in.

Paulson And Bernanke Do Not Deserve Your Trust

Neither Paulson nor Bernanke saw this coming. Paulson spoke on Face the nation saying our banking system was sound. Somehow we went from "sound" to the "biggest crisis since the great depression" in a few short weeks.

Why should trust be placed in those who did not see this coming? Instead trust should ONLY be placed in those who did see it coming, and have offered valid alternatives to consider.

Paulson asked for a blank check for Fannie Mae. He told you he had no intention us using the blank check. One week later Paulson wrote a $200 Billion taxpayer funded check to bail out Fannie Mae and Freddie Mac. He wrote another $85 billion taxpayer check for AIG.

How many more checks can he write before you get the idea "Paulson is flying blindly by the seat of his pants"?

Take Time To Study Alternatives

Senator, I am still asking "Why the mad rush to judgment?"

The financial world will not end if you delay passage. However, it may end if you pass a $700 billion boondoggle that morphs into a $1.8 trillion boondoggle.

Please scrap this proposal and start with a genuine look at real alternatives. This plan is nothing more than a $700 billion tax, a tax that will not provide a single job, not a one.

I cannot and will not vote for any member of Congress who votes for this bill in its current form or anything remotely close to the current form.

Senator, it's time to kill this bill and start all over.

Your Name
Your Phone Number

In a Letter from Ron: Time is running out Ron Paul is urging everyone to "Call Them!".

With a Rasmussen poll finding support for the bailout at an anemic seven percent, some members of Congress are afraid to vote for it. Call them! Let them hear from you! Tell them you will never vote for anyone who supports this atrocity.

The issue boils down to this: do we care about freedom? Do we care about responsibility and accountability? Do we care that our government and media have been bought and paid for? Do we care that average Americans are about to be looted in order to subsidize the fattest of cats on Wall Street and in government? Do we care?

When the chips are down, will we stand up and fight, even if it means standing up against every stripe of fashionable opinion in politics and the media?

Times like these have a way of telling us what kind of a people we are, and what kind of country we shall be.

In liberty,

Ron Paul

The phone-in is working. Congress is spooked. We are swamping them with emails and faxes. Bush gave that speech tonight because he is spooked.

Congressional aids have told me they have never seen so many call in.

You are making history. Fax Now!

You can use www.faxzero.com to send a fax from your computer for free.

I went with MetroFax . 1000 pages at a very cheap price.
If you are reading this most likely you can afford $12.
Sign up today and fax to your heart's content.

Fax Now!

Contact The House

THIS IS CRITICAL: Please fax AND phone your congressman . Do not bother with any members of Congress except for Nancy Pelosi. Tell them "No Deal Start Over" and if they vote passage they lose your vote.

Make sure you change every occurrence of "senator" in the above draft when faxing or emailing Congress.

Everyone should Email Nancy Pelosi: Email Nancy Pelosi .

Click Here To Contact Congress

The above link can put you in touch with your Congressman, simply click on your state.

Do It. Contact them. Ask for a private meeting. They may grant it. Several people have told me their Congressman was happy to meet with them.

Senate Fax List

Please fax everyone on this list.

Sen. Richard Shelby (R) 202-224-3416 or 202-224-5137 (try both not sure which is correct)
Sen. Harry Reid (D) 202-224-7327
Sen. John Ensign (R) 202-228-2193
Sen. Jim Bunning (R) 202-228-1373
Sen. Chuck Grassley (R) 202-224-6020
Sen John McCain (R) 202-228-2862

Sen. Barack Obama 202-228-4260
Sen. John D. Rockefeller 202-224-7665
Sen. Dianne Feinstein 202-228-3954
Sen. Ron Wyden 202-228-2717
Sen. Evan Bayh 202-228-1377
Sen. Barbara Mikulski 202-224-8858
Sen. Bill Nelson 202-228-2183
Sen. John Kerry 202-224-8525
Sen. Daniel Inouye 202-224-6747
Sen. Hillary Clinton 202-228-0282

Those inclined should also fax their own senators as well.

Please see Phone And Fax Numbers For All US Senators; More On What To Do for more numbers .

Please send this email to 10 others and have them do the same.
Thanks

We CAN make a difference

Ongoing Campaigns

Please act on ALL of the following.

Every Fax Counts! Do your share!

Fate May Rest With Shelby

U.S. Government: The World's Largest Homeowner

Another Mad Rush To Judgment

Senator Sanders' Petition Against Paulson

I gave an incorrect fax number for Sanders in Senator Sanders' Petition Against Paulson

If You Tried Before, Please Click The link And Try Again . Every Fax Counts!

Fax Now!

By Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com

Click Here To Scroll Thru My Recent Post List

Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management . Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.

Visit Sitka Pacific's Account Management Page to learn more about wealth management and capital preservation strategies of Sitka Pacific.

I do weekly podcasts every Thursday on HoweStreet and a brief 7 minute segment on Saturday on CKNW AM 980 in Vancouver.

When not writing about stocks or the economy I spends a great deal of time on photography and in the garden. I have over 80 magazine and book cover credits. Some of my Wisconsin and gardening images can be seen at MichaelShedlock.com .

© 2008 Mike Shedlock, All Rights Reserved

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