Taking my cue from a Huffpo commenter I sent both of my Senators an anti-bailout email yesterday, imploring them to not allow this administration to use the current crisis as an excuse for sweeping policy changes (as Section 8 of Paulson’s plan would do) and a blank check to their cronies.
Got a long email back from Leahy’s office, specific, but clearly a form email. But got a CALL from Bernie’s office asking to use my email in their press materials. Both of my Senators are fighting Paulson’s blank check hard.
Gotta’ love living in a small state.
My email:
Dear Senator,
I urge you please do not support any bailout package for any financial institution that would contribute tax payer money to the bonuses and golden parachutes of any employee at any level of one of these failed institutions. I have worked for several companies in my career and some had earnings up and downs. During those down times employees were denied bonuses. We didn’t like but accepted that the purse wasn’t full and our bonus was directly tied to the success of the company holding that purse. To contribute tax payer money to the very people that through their greed knowingly took the risks that caused these companies to fail is unthinkable. I acknowledge the fact that a bail out is necessary to preserve our economy and mitigate the global effect of its failure. But to repeat, no contribution of tax payer money should be used to reward those that must bear responsibility for this failure, and unfortunately, the faultless victims that worked for them as well.
Do not allow this administration to use the current crisis as a blank check for sweeping policy changes (as Section 8 of Paulson’s plan would do) and a blank check to their cronies.
My sincere thanks for your consideration and service,
David R. Morin
Email back from Senator Leheay’s Office:
From Senator Patrick Leahy
Senator_Leahy@leahy.senate.govDear Mr. Morin:
Thank you for contacting me about the federal government’s response to the financial crisis on Wall Street. I appreciate knowing of your views.
It is abundantly clear that eight years of the Bush Administration’s hands-off economic policies have been disastrous. Millions of hard-working Americans now find themselves faced with strained mortgages, rising gas and food prices, and declining incomes. On top of that, years of risky investment schemes and mismanagement by our nation’s financial institutions have put the world’s financial system on the brink. With Wall Street and Main Street reeling, putting our economy on an even keel is an urgent priority, and every Vermonter has a stake in the outcome.
I share the concerns I have heard from many Vermonters about the Treasury Department’s $700 billion blank check bailout plan. Congress’ response to this crisis must be fair and responsible. As Congress examines the Bush Administration’s proposal closely, I hope there will be no reluctance to work in good faith to make the necessary improvements to ensure that the legislation actually will stabilize the financial markets and ensure these problems will not happen again. In the turmoil that followed the attacks of September 11, I was willing to support assistance to the airline industry, as long as that legislation was balanced with support for the victims of 9/11 and their families. That is why I led the effort to create the 9/11 Victims Fund, which accomplished that goal.
While a problem of this magnitude requires a swift legislative response, I was extremely disappointed that the President’s proposal left out many important issues, such as making needed reforms to the banking industry, capping executive pay for companies that receive bailout money, providing stimulus money to help ease the burden on hard-working Americans and Main Street, and allowing the U.S. court system to review corrupt deals made by government officials. I have been working with Senator Dodd, Chairman of the Banking Committee, on an alternative stabilization proposal that includes language to allow the courts to review actions by the Treasury Secretary deemed to be arbitrary, capricious, an abuse of discretion, or not in accordance with the law.
As Congress continues to debate these significant issues, I would like to see progress toward a balanced bill that also helps overburdened middle-class families. It should not include get-out-of-jail-free cards for those whose greed caused this mess, and it should not lessen accountability for those responsible for this crisis in our financial markets. The outcome of the negotiations in the coming days will guide my decision about supporting the overall package.
Thank you again for contacting me. Please keep in touch.
And here was Senator Sanders’ email reply, received after the phone call:
Email from Senator Sanders
Senator@sanders.senate.gov
Dear David:Thank you for writing me about the $700 billion Wall Street bailout. You should know that my office has received over a thousand emails and phone calls – virtually all of which are opposed to giving the Bush Administration a blank check. In addition, over 20,000 people from Vermont and across the country have become citizen co-signers of my letter to Secretary Paulson, which insists that the cost of this bailout not be shouldered by middle-income families. If you have not co-signed you can do so at my website: www.sanders.senate.gov.
Attached please find a copy of an op-ed article that I authored and that appeared in a number of Vermont papers. It lays out my alternate plan for ensuring the stability of our economy in a way that asks the wealthy to pay any losses suffered by the government, among other provision.
Again, thank you for contacting me. It is always important to me to hear from people outside the Washington Beltway. Rest assured, I will keep fighting to protect hard-working families from having to pay for this Wall Street bailout.
Sincerely,
BERNARD SANDERS
United States Senator
