Senator Boxer,
I urge you to protect the taxpayer as you consider the unprecedented Federal bailout requested by Secretary Paulson.
For 8 years I have witnessed first hand the housing bubble grow and now burst in Brentwood. I witnessed how easy credit encouraged people to live beyond thier means, pushing home prices beyond sustainable levels.
At the same time I witnessed mortgage companies and investment banks benefitting immensely from the practice of making and selling risky loans.
Now I am being asked to pay for this irresponsibility and greed in the name of keeping the economy going.
While I understand that our economy is tied to the financial markets, I am disgusted by the idea of buying the toxic debt from Wall Street. I am also concerned that "Congresisonal oversight" will be implmented by the very same individuals that allowed this, some may say encouraged this, to happen without raising the alarm.
If flowing credit is the problem, then I suggest the Federal government make the loans directly to small businesses and credit worthy individuals wanting to buy a home. A solution such as this would leave Wall Street holding the bad paper they have been trading in, would give credit to the deserving individuals that can keep our economy moving, and would reinforce the notion that people need to live within thier means and not be greedy. It also might lead to the taxpayers getting a return on the investment. I liken this to the Cal-Vet program that has been sucessful in CA.
It is time for some tough love to be shown to those that wanted too much. It is not time to show them my tax dollars as a reward.
For 8 years I have witnessed first hand the housing bubble grow and now burst in Brentwood. I witnessed how easy credit encouraged people to live beyond thier means, pushing home prices beyond sustainable levels.
At the same time I witnessed mortgage companies and investment banks benefitting immensely from the practice of making and selling risky loans.
Now I am being asked to pay for this irresponsibility and greed in the name of keeping the economy going.
While I understand that our economy is tied to the financial markets, I am disgusted by the idea of buying the toxic debt from Wall Street. I am also concerned that "Congresisonal oversight" will be implmented by the very same individuals that allowed this, some may say encouraged this, to happen without raising the alarm.
If flowing credit is the problem, then I suggest the Federal government make the loans directly to small businesses and credit worthy individuals wanting to buy a home. A solution such as this would leave Wall Street holding the bad paper they have been trading in, would give credit to the deserving individuals that can keep our economy moving, and would reinforce the notion that people need to live within thier means and not be greedy. It also might lead to the taxpayers getting a return on the investment. I liken this to the Cal-Vet program that has been sucessful in CA.
It is time for some tough love to be shown to those that wanted too much. It is not time to show them my tax dollars as a reward.
This goes for homeowners in over their head, the Wall Street clowns that were instrumental in putting them there, and the Congress that stood by and said and did nothing to protect the American taxpayer.
Thank you for your consideration.
-Edward Younger
Brentwoood, CA 94513
-Edward Younger
Brentwoood, CA 94513
(will send same to Dianne F)
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