September 28, 2008

To Our Honorable Senators and Congressmen,

     We, the hardworking middle class Americans, have carefully watched as you, pur elected officials, have wrangled through the process of developing a bailout plan for Wall Street because of the fallout from the bad policies of Fannie Mae and Freddie Mac that have extended all the way back to the Clinton era.

        We, the hardworking middle class Americans, are angered that in this proposed legislation, those homeowners who took advantage of the subprime mortgage bonanza, who took out low interest adjustable loans that are now escalating, who are in homes that they basically would not have traditionally qualified for, who will now be the prime target for HOPE for the Homeowner, wherein their new mortgage holder, we the taxpayer, through our Secretary of the Treasury, will have their mortgages modified in terms, including lower interest rates and principal reductions. Where is this fair and equitable to us, the hardworking middle class Americans who have paid our mortgages regularly, have struggled to meet our financial obligations?

     Our home values have fallen through this crisis, our equity stripped away to the point where some of us are near the point of owing more than the home is worth. How is this legislation going to help us? This legislation has a caveat that permits the Secretary of the Treasury to purchase financial instruments other than mortgages, and this leaves the door open for the rescue of automobile financial debts, credit card debts, and student loans. Again, where is this fair and equitable to those of us hardworking middle class Americans who have met our obligations with the struggle and ethics that are the true American way??

     We, the hardworking middle class Americans, are distraught with some of the language from the proposed legislation, if we are to support it whatsoever.  We are angered at the BLATANT attempts made be the Congressional majority to allocate any profits which we, the taxpayers, may realize from this legislation to political activists groups such as ACORN under the guise of “counselling” for lower income homeowners. The reality is that ACORN is a political tool of the Democratic party, and they are presently under investigation in numerous states for eliciting voter registration fraud.

     We, the hardworking middle class Americans, earnestly ask you, as our elected officials, to take a stand for US, be our VOICE, be our STRENGTH, and show Wall Street, show the world, that true and real capitalism does work, and let the markets straighten themselves out in the normal flow of economics. Do not approve this legislation, which will strangle not only our futures, but the futures of our children, and their children as well !!

                                                       Respectfully,

                                                       Hardworking Middle Class Americans

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Readers:

Please feel free to “cut & paste” this letter and begin sending it to your Senators and Congressmen immediately.

JAMES

UPDATE: Michelle Malkin was able to participate in a conference call with Congressional staffers and Capitol Hill insiders to discuss the drawbacks of the bailout legislation, which is called TARP:

http://michellemalkin.com/2008/09/28/kill-the-bailout-the-crap-in-the-crap-sandwich/