Bailout Rant
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Bailout Rant
This is what I sent to my Rep. , Senator, and the Senate Committee on Banking, Finance, and Housing . Thought you might get a kick outta it...
Here are the links if you wish to email them as well (the more pissed off people that send this stuff the better):
https://forms.house.gov/wyr/welcome.shtml
http://www.senate.gov/general/contact_information/senators_cfm.cfm
http://banking.senate.gov/public/index.cfm?FuseAction=Contact.Form
Rant as follows:
Please do not bail out Wall Street. America doesn't need more credit we need financial stability. A simple solution with a much smaller price tag is just execute a temporary amendment to SOX to allow these financial firms to not have to perform a daily accounting of assets value at fair market price. That one issue is 50% of the root cause of this so called "crisis" This SOX accounting has sub-prime paper valued at .20 on the dollar. This "valuation" has seized the market with a baseless valuation. Even if every single sub-prime mortgage foreclosed and only brought 50 cents on the dollar a 5th grade student can figure out that the problem is due to SOX based valuations. CHANGE THE STUPID ACCOUNTING RULE! The other 50% of the "crisis" could be solved with an extension of FHA insurance to this sub-prime paper. The FHA insurance would cost the taxpayers somewhere in the neighborhood of 40 billion and give the market the assurance the paper is work more than 4 buffalo nickels. I would rather pony up 40 billion than 700 billion and see the government continue its current path of Socialism and Corporate Welfare. The price tag on this is far less than the current ideas I have seen floating around and actually provides some breathing room for these companies to let the free-market work it out. In addition the bulk of the pain is felt by the individuals that made idiotic investments in the sub-prime arena and not We the People.
If you want to fix the ultimate root cause then pass some tack on SOX...
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