Letter from my State Rep on Bail Out

So, last week I sent letters and emails to all my congressmen (including McCain). Also to many other members of congress opposing this piece of shit.

This is the letter I got back from Gabrielle Giffords, my Representive:

September 30, 2008


Thank you for contacting me about the Emergency Economic Stabilization Act (H.R. 3997) that was voted on in the U.S. House of Representatives yesterday. I joined a bipartisan majority in the House of Representatives - and my seven House colleagues from Arizona - in opposing the Emergency Economic Stabilization Act. I voted against the bill because it failed to provide sufficient protections for American taxpayers.



Our nation is confronting serious instability in our financial markets that threatens the strength of the entire U.S. economy. Predatory lending, irresponsible trading and outrageous greed on Wall Street have gone on too long.



Years of deregulations and minimal oversight by the federal government encouraged this behavior. I support responsible federal action to ensure that we protect retirement accounts, student loans, mortgages and lines of credit for small business. This economic meltdown underscores why I oppose Social Security privatization, which would reduce the guaranteed Social Security retirement benefit and gamble people's money in the stock market instead.



I appreciate that I heard from thousands of constituents, like you about this situation. The Bush Administration's request that we trust it with an unrestricted and unfettered $700 billion for Wall Street was completely unacceptable. After days of bipartisan negotiations, a more responsible proposal emerged late Sunday night when the Emergency Economic Stabilization Act was released. But it was rushed to the House floor Monday morning and as the most expensive economic program in the history of the country, I believe Congress needs to take more time to fully consider the implications of such legislation.



I am concerned that this bill did not have adequate taxpayer protections to ensure a fair, long-term return on our investment. The bill also lacked strong enough restrictions on executive compensation.



Yesterday, I also voted against the House Concurrent Resolution (H.Con.Res.440) that would adjourn the House until at least mid-November because I think that Democrats and Republicans must keep working together this week. We must continue to work to develop smart solutions to both short and long-term problems in our financial markets and economy. I deeply value the input I have received from southern Arizonans like you and will continue to monitor this situation and keep you informed.



I appreciate that you are interested in issues of importance to Arizona and the nation. My job as your representative is to help you connect with federal agencies, access services and get your questions answered thoroughly. Please do not hesitate to contact me again in the future if you require assistance.