Bailout Accountability and Action

I'm very concerned over the current state of our Government. It seems that once Congress passed the $800 Billion + bailout package over the objection of the majority of taxpayers, they are now free to completely bankrupt the United States as quickly as possible.

This is a letter I have sent to both Senators and my Congressman.
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I have decided to email and fax this letter to you, in hopes of a meaningful reply. I would appreciate real information, vice the form letter dispatched regarding the $700 Bil + bailout package w/sweeteners added by the Senate, which was passed while ignoring the objections from the majority of your constituents.

A $250 Bil portion of the bailout was set aside for direct financial infusion to the banks to restore liquidity by stimulating loans. Approximately $140 Bil of this fund has been disbursed to the banks, yet the banks are REFUSING to inject that money into the market to create liquidity and credit for consumers. Mortgage rates in this area are on the increase, and banks are not making any move toward loaning money for anything.

Some banks receiving funds from the Treasury are using it to clean up their balance sheets and are looking to purchase weaker institutions, while holding the funds. As you may recall, we were ASSURED repeatedly by Congress that this would not be allowed.

Taxpayers were also assured of accountability, access to specific information on funds disbursed, and to whom. Further, that the information would be available quickly. Unfortunately (and not surprisingly) this information is not available as promised.

No action is being taken by the Secretary or Congress to force restoration of liquidity and consumer credit, yet the handouts continue. Credit drives consumer spending and confidence, and without it we are feeding a downward spiral in every major global market, including our own.

The refusal by banks to grant credit makes correction within the housing and auto industries impossible. Companies can’t get loans to produce, and consumers can’t get credit to purchase homes or cars. The banks have decided not to infuse the system in favor of keeping our money, while Congress and Secretary Paulson do absolutely nothing.

Now Paulson has decided to pivot on where the funds will be directed. Meanwhile, Pelosi and Reid want a SECOND package, with unlimited cap loans to the auto industry? One simple question proves this plan to be utterly ridiculous:

WHAT GOOD WILL A SECOND BAILOUT DO IF THERE IS NO CREDIT TO BUY THE CARS?

Please feel free to answer if you can, because I certainly can’t.

Simply put not a single elected representative in Washington is fit to be trusted with one dime. Spending is completely out of control, and nobody has a clue what they are doing. The one sure thing is that Congress continues to finance our country, and seems Hell bent on total bankruptcy of the United States inside of a year.

Please address the following questions:

1. I would appreciate knowing when Congress intends to direct Paulson to act, and exactly what action will he be directed to take?
2. When will the so-called “accountability” information be made readily available to taxpayers (i.e.; posted online, etc.) so we may see where the money is going.
3. Why is there no move underway to secure a totally independent oversight committee and scrap the current so-called committee, which is made up solely of those already responsible for much of the mess?
4. At what point will details of the Government’s arrangements with AIG and other companies, whom we are now supposedly “invested” in be available? Congress has billed these as “investments” for the taxpayer – I like to fully research all my investments.
5. Why is Mr. Dodd not recused himself? Why has Mr. Frank not recused himself? These individuals profited from the GSEs, and had inside knowledge of the issues, and an OBVIOUS conflict of interest. Please explain to me how the Hell they are still chairing committees supposedly dealing with this crisis, while deflecting all responsibility?

Congress granted Mr. Paulson the power and is responsible for holding him accountable and responsible to the taxpayers. Congress is not doing its job, and it’s obvious that Mr. Paulson is not performing, and doesn’t appear to have a plan.

Please don’t respond by claiming that is a failure of the House to act. The Senate has the authority to take action if the House won’t - the same way you sent this bailout to them in the first place.

You are all asking for one Hell of a Boston Tea Party.