"ENOUGH IS ENOUGH" Congressman Nick Lampson's district wide email JUST NOW

[V4Vendetta]

ENOUGH IS ENOUGH

Congress is out of touch and I am fed up. For the past week Congress and the White House have debated the best way to give a handout to irresponsible Wall Street firms while tens of thousands of American’s struggled to get meager aid to rebuild their lives, destroyed by Hurricane Ike.

The solutions to the financial crisis need to focus on the people who are victims of it, not the executives on Wall Street who are responsible for it. Sticking the bill to bailout Wall Street risk takers on people who have worked all their lives responsibly to provide for their families is outrageous.

Treasury Secretary Henry Paulson has proposed a no-strings-attached $700 billion bailout for Wall Street that may or may not have an impact on the market’s volatility. Meanwhile, many Texans are hoping to receive the maximum $28,800 in federal aid to rebuild their homes and lives after Hurricane Ike destroyed both. This proposal stinks!

Americans are struggling to keep their houses, get a small business loan, or pay for everyday expenses in this troubled economy. It is absolutely unacceptable for our answer to the American people's hardship be a blank check to those who put us there.

The root of the current crisis lies in the subprime mortgage market that intensified due to a lack of regulation and oversight. Any solution must help taxpayers and local communities keep their homes, grow their businesses, and recover from the economic struggle of the past.

Taxpayers are not responsible for Wall Street's misdeeds, and they cannot be required to be held accountable by the United States government. Our priority should be helping our citizens not letting CEO's walk away with golden parachutes.

Sincerely,
NICK LAMPSON
Member of Congress
22nd District of Texas (Ron Paul's old District)

 

[ItsTime]

ya people who do not read their mortgage papers are innocent. people who take on too much debt are innocent. where is my bail out for doing the right thing?

 

[JohnMeridith]

Exactly. There are only two groups of Americans that should be angry. The savers/people with little debt and the future. Other than those two, they are just pointing fingers and trying to screw them over.

 

[TGautier421]

ya people who do not read their mortgage papers are innocent. people who take on too much debt are innocent. where is my bail out for doing the right thing?

The average person was allowed to take on that debt because of artificial interest rates. You can't blame every single American for not understanding economics properly.

I'm glad that more and more congressmen continue to oppose the bailout. If this plan goes through, who knows how many more will wake up to the truth.

 

[V4Vendetta]

I know, he wants more hand outs for stupid people who signed a ARM (adjustable rate mortgage) when the mortgage payment alone, was 1/2 or more of their monthly income. CAN WE SAY STUPID?

 

[ItsTime]

The average person was allowed to take on that debt because of artificial interest rates. You can't blame every single American for not understanding economics properly.

I'm glad that more and more congressmen continue to oppose the bailout. If this plan goes through, who knows how many more will wake up to the truth.

I sure as hell can blame them! You are telling me that you are buying a 100k dollar or way higher house and you dont higher a god damn lawyer for $200 bucks to explain your contract to you? THAT IS THEIR FAULT not the banks, not the tax payers and sure as hell not my families.

 

[TGautier421]

And all I'm saying is you can't expect the average American to understand that sort of thing. You can't dangle a piece of meat in front of a dog and expect him to know its rotten.

I agree with your sentiments though. I'm in the same boat as you are.

 

[constituent]

You can't dangle a piece of meat in front of a dog and expect him to know its rotten.

people aren't dogs.

 

[lucius]

easy boys...reforming utopean dreamer.

 

[TGautier421]

people aren't dogs.

People aren't going to read the fine print or spend more money to have a lawyer explain a contract to them either. I'm willing to bet alot of people in this situation didn't even know that option was available to them. All I'm saying is hindsight is 20/20. You can't expect the average American to have seen this coming, or if they did, they didn't care obviously. Trust me, I wish every person did. We wouldn't be debating this if that was the case. You're giving too much credit where its not due. Don't overestimate the average IQ of Americans.

Of course there was alot who did, and have been saying this for years, blah blah...

 

[ItsTime]

People aren't going to read the fine print or spend more money to have a lawyer explain a contract to them either. I'm willing to bet alot of people in this situation didn't even know that option was available to them. All I'm saying is hindsight is 20/20. You can't expect the average American to have seen this coming, or if they did, they didn't care obviously. Trust me, I wish every person did. We wouldn't be debating this if that was the case. You're giving too much credit where its not due. Don't overestimate the average IQ of Americans.

Of course there was alot who did, and have been saying this for years, blah blah...

Then they made a bad choice, just like business, and should fail and learn from it. Not hand my family the god damn bill.

 

[TGautier421]

Then they made a bad choice, just like business, and should fail and learn from it. Not hand my family the god damn bill.

And like I said in my first post, I agree with you. Do you think I support this Bailout Plan?

 

[ItsTime]

And like I said in my first post, I agree with you. Do you think I support this Bailout Plan?

I know Im just heated.

 

[tropicangela]

Someone I talked to today thinks this bailout will help break the fall. Make it hurt a little less...

 

[afmatt]

Call his office, thank him for his stand and ask him to work hard at convincing the others there on the hill.
202-225-5951

 

[kathy88]

I'm glad he's against the bailout but did you guys read the whole thing? Handouts to individuals is okay?

 

[jkm1864]

I agree with you guys about responsibility but I am starting to lean the other way a little. The people whom lost there homes should learn their mistake but other people are suffering to. I have seen the standard of living go down the last ten years and I have always worked massive amounts of over time. The cost of every day goods is going through the roof and You know it. I used to eat on 10 dollars a week 15 years ago and now that wont even pay for 1 day seriously. I am continually flabergasted when I go to the grocery store and look at what 300 dollars gets me and to be honest its not much. I personally feel if there is going to be any sort of bail out it should be at the expense of the FED and the banks. If they really wanted to protect their loans then the best thing to do is to take 20% off the top of all loans and set a fixed rate of 5%. They need to take measures but to be honest they are to greedy especially since its all magical numbers any way. Now who is that going to hurt maybe the investors but in the end they will not loose it all. The problem is these damn houses are to expensive and to me its not fair on new families. I bought my house 5 years ago and I have made it a point to pay 1500 a month instead of 1100 but the way things are structured its a drop in the bucket. I think its sad that at one time only one person had to work to support a family and live a decent life style now it takes 2 people working over time to just get by. What the hell is going on here apparently the price to live in todays world just isn't worth it. I have a 4 year old daughter and I spend 9 months a year on the water away from my family. You know its sad when I have only spent 1 year with my girl and whom is going to protect her when I am gone. I will more than likely have to quit my job and loose my house because i'll have to worry about martial law and zombie obama supporters breaking in and murdering my family for a stinking pop tart. This is sad and I am getting more mad every day that I think about it. As a matter of fact the house is material and so are the cars I have now decided if need be i'll walk away because being a slave is not worth it. I think it all boils down to slavery

 

[thomaspaine23]

The Bailout will make things worse.

I have been doing some thinking about what the impact of this would be, and the likely action of the banks.

First off the wall street banks WILL NOT loan this money out. Why? Because of what just happened to WAMU.

All the banks are hurting, if the big ones get capital, they will hold it and wait until the small ones go under. At which point the FDIC will step in, seize them and sell their assets to a Big bank at firesale prices. I.E. WAMU-JPMorgan (300Billion in assets for 1.9 Billion)

What they WILL do is park the money in either foreign currency or commodities. This will spike inflation/devalution of the dollar, causing interest rates to rise,
which will FURTHER depress housing prices. This will put MORE pressure on the small banks. It will also spike gas and food prices.

 

[ItsTime]

We are headed dick first into a wood chopper. People saying the standard of living is going down so these "homeowners" should get bailed out. Well the standard of living for people RENTING is also going down while prices are going up. Fuck it lets all just ask the government to help us.

 

[fedup100]

If you paid off every home in america, I said payed it off, it wouild only be 61 billion dollars. We did not get here just because of bad real estate deals. We got here by corrupt bankers leveraged 30 to 1 with no risk, counterfit stocks, bonds etc. we have been set up and they are blaming us. This is a GD shake down for all of your freedom and the rest of the money you will make for the rest of your life.

I say break the backs of the effin fed. let them go under now and pronto, for only if they do will you ever know freedom.

We will see many more of those kinds of letters. They want to be re elected, oh yeah, you wait and see, he will vote for his masters game plan.

This is bush the lessers game plan, schtick it to us, and in less than a month it will fall down the drain again. You will get a devalued dollar and forced on the amero and welcome to the nau suckers. Can you say foreign UN troops in the streets Ethel and a 90% tax bracket.