Why isn't Wall Street paying for its own bailout?

This is what I wrote to my Senator

Dear Senator

I'm screaming!!! Can you hear me??? Do not jump on board with Bush... it is imperative that you put the burden on the rich. Use the idea of a surtax on stock transactions and the taxing of capitol gains dividends. Tax them!!! Let those that dabble in Wall Street pay for Wall Street. Couple that with regulation and over site and don’t ever take your eye off the ball again. Likewise, if failure to fulfill their fiduciary responsibilities does occur then CEO’s need to go to prison and have their accounts confiscated. This is nuts that you would dump on us again... stop this madness. People need health care in this country and this is Norquist’s plan to tie us up in knots with no moneys for the poor and middle class while they walk away with the check book. I retired from United Airlines and WE watched them walk away with my money while they claimed bankruptcy on my retirement. For 12 years I was an employee owner and they were the highest in UAL's History and yet they failed to fund the retirement. The government over site or the PBGC took its eye off the ball and didn’t require the Corporation to fully fund the retirement… don't do it again. Stop this crap!

There is no rush, Dodd and Pelosi don't have to do this... Sorry, but I'd rather go into a recession and work our way out rather than give the rich one more dime. Take the same money and put people to work and they will pay their mortgages... and our infrastructure will be rebuilt OR take the bad loans and renegotiate them in two, a 1st and a 2nd mortgage, leaving the owner with a payment and interest rate that fits their income and the rest to be put on a FEMA type loan at 3 percent simple interest with no payments for 30 years or until the property is sold Let’s get creative to keep people in place and the economy moving.

I work for a company that writes rehab loans using city money @ 30 years no payments, 3 percent simple interest. Our max is $35,000 but that can be upped if need be. As long as the home owner is able and there is some equity there, however small… Lets keep the ball rolling till they die or sell. Then all their un-assumable loans are paid off. Everybody wins while we tighten up regulation on Wall Street.

1 Answer

  • 1 decade ago
    Favorite Answer

    I totally agree, I wish we could let wall street handle their own. Politics as usual. I think this is the beginning of the end.

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