Opposing the Bailout

 Posted by on 27 September 2008 at 2:00 pm  Activism, Economics, Finance
Sep 272008

If you want to let your elected officials know that you oppose the $700 billion Bush Bailout of Wall Street, you can use this website to send them an e-mail.

For example, Rob Abiera has sent the following excellent letter to his elected officials:


I am writing as a constituent to ask you to oppose the Bush Administration’s request for $700 billion to bail out Wall Street. The healthiest thing for our economy would be to allow the market to work and let those firms deal privately with the consequences of their own actions. I don’t believe in accepting responsibility for other people’s actions and I have no desire to see my taxes used to help some Wall Street firms out of a situation which they created, not me. The answer to the current economic situation is not handouts to Wall Street tied to more regulations. The answer is to get the government OUT of the economy.

I’m sure that I disagree with Senator DeMint of South Carolina on other issues, but on this issue I have seen no better statement of the truth about this situation than his recent press release.

In this instance, Senator DeMint speaks for me, as well.

*** YOUR NAME ***

Rob also included the text of Senator DeMint’s Press release.

I liked Rob’s letter a lot, and I’ve already sent similar e-mails to my own Senators and Representative.

BTW, Alex Epstein has a good piece on the bailout on the Fox News website, “The Bailout: Just a $700 Billion Hedge Fund?

Update from Diana:

I send the following letter to my representatives, plus various other politicians and officials:

Dear So-And-So,

I’m writing to tell you that I strongly oppose any bailout of Wall Street.

The current crisis was created by government controls and regulations. The only rational solution is to allow the market to correct itself by allowing full freedom of trade. The ban on shorting financial stocks should be lifted now: the markets cannot function properly without shorting. The government should not bail out any Wall Street firms — nor anyone else. Taxpayers should not be forced to pay for other people’s irresponsibility.

Then, to preserve economic health in the long run, all of the myriad anti-capitalist controls on the markets must be repealed. Fannie Mae and Freddie Mac should be totally privatized. The Community Reinvestment Act must be repealed.

Do not blame the current crisis on the free markets. Such crises are the inevitable product of a dangerous hybrid of capitalist markets and government controls. More government meddling will only exacerbate the problem. The only real solution is to move to a fully free market in which the government upholds and protects the rights to property and contract. Only then will every person be free to act on his own rational judgment in pursuit of his own wealth, security, and happiness. That’s what America should be all about.

I sent that to:

You need not write anything so lengthy and detailed as my letter. Just a single line saying that you oppose the bailout — and that you oppose government controls of the financial markets — would be fantastic.

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