Free Money

People, it is time to call, write, or Email your representatives in government office. We are getting ripped off big time over this bailout deal. According to an Associated Press article the banks and institutions that have received part of the first half of the $700 billion government bailout package are saying that they don't know what they are doing with the billions they have gotten from American taxpayers. They claim that they are not even tracking that money which is pretty sad and unbelievable. You can read the article from the Associated Press here: http://news.yahoo.com/s/ap/20081222/ap_on_bi_ge/meltdown_secrets

Here is a copy of the Email I sent to one of my representatives:

Dear Congressman Obey,

I have just read an Associated Press article about the unaccountability the banks and financial institutions have with the almost $350 billion dollars they have received from American taxpayers in the form of a government bailout. Here is a link to the story: http://news.yahoo.com/s/ap/20081222/ap_on_bi_ge/meltdown_secrets

This is totally unacceptable and I would hope that there are going to be some accounting for the money these institutions already have received before they get a dime more out of the second half of $700 billion earmarked for bailing these businesses out. It's unacceptable and unbelievable that these businesses would receive billions without tracking what they are doing with the money, if this is really the case they are not fiscally responsible enough to receive any more taxpayer money. If they were lending money out you better believe that they would want to know what the intended purpose of that money was and they would keep track of it.

It burns me that Bush had to have the line about the businesses that have their troubled assets bought up in the government bailout scheme have to follow the rules of the bailout bill, but then Mr, Paulson instead bought up stocks in their companies effectively voiding out any oversight or accountability for the money they received from taxpayers. What the heck is that Paulson guy doing anyway? The Bush administration and Paulson basically got what they asked for in the first place, a large amount of money with no restrictions on what was done with it or who it was given to. Something is wrong when the administration asks Congress for that much money to do one thing and then after they get the money they do whatever they want with it anyway, don't you guys feel like you been hoodwinked? I do, even though its what I expected in the first place. You people in the House and Senate better be getting together and demanding information and accountability about the first half of the $700+ billion before you release any of the second half of the money or you all are going to have as high of approval ratings as Bush enjoys, and that wouldn't be good for your future elections. I just find this totally unacceptable.

Sincerely,
xxxxxxxxxxxx

Update:

This is the letter I received back from Congressman Obey:

Dear Mr. Chapek:

Thank you for contacting me to express your concern about how the Treasury Department is implementing the bank rescue program.

I absolutely share your concern. House Financial Services Committee Chairman Barney Frank is holding a series of hearings, with some already underway, about the implementation of the program. This is going to continue to be a challenge in the coming months and will be one of the many major issues President-elect Obama will face when he takes office in January.

Please be assured I will keep your views in mind if further legislation is brought to the Floor of the House this year and also into the next session of Congress.

Thank you again for taking the time to get in touch.

Sincerely,

David Obey
Your Congressman