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My Note to Senators Clinton & Schumer: Vote NO Today

Here's what I sent my senators:

Please vote NO on today's bailout plan.

First of all, there does not appear to be a text of the actual legislation available for public review. Given the cost, that is inappropriate.

Secondly, news reports suggest that the plan to be voted on by the Senate involves tax cuts. Tax cuts have no place in a bailout plan of this magnitude. Instead, the repealing of Bush's tax breaks to the wealthy and large corporation should possibly be part of such a plan. Somehow this has to get paid for.

Any bailout plan should be subject not just to Congressional oversight, but also to judicial oversight. Creation of a bailout fund without judicial oversight is essentially creation of a Honey Pot and an invitation to looting of the US Treasury.

I am not convinced that a bailout "package" is the right way to go, since it is being sold in a hurry and marketed with fear. The overheated rhetoric all by itself has the potential to do significant economic damage.

I am unconvinced that the economic problems are as presented to the public, partly because of the absence of information. And even IF the problems are as claimed, I am not convinced that any of the "packages" under discussion have the power to solve the problems.

I do support some of the smaller scale proposals, such as raising the FDIC insurance level to 250,000.

Please vote NO on the bailout plan before the Senate today.

See also Hunter at Daily Kos: Bailout About To Get Worse: You've Got To Freaking Be Kidding Me and Market Watch: Why voting against the bailout still makes sense
Commentary: Even if it passes, the U.S. economy is going into the tank