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The proposed $700B bailout of Wall Street firms is an outrageous proposition that rewards those who have perpetrated a reckless, unregulated binge during which some of the most complex set of swindles ever seen were created and retailed.
Now, under the helpful guise of an "emergency", Sec. Paulson and Chairman Bernanke, both whom have substantial financial interests, have proposed a bailout with no oversight, no limits, and no reform, with the costs laid squarely upon the American taxpayer.
This is beyond belief. While there is no question that some government intervention to prevent a domino effect of failures was required, this plan is simply unacceptable.
Hundreds of billions in debt, incurred through greed and mismanagement will become the responsibility of the taxpayer.
And while we are blithely asked to accept this burden, one which may well exceed the $700B proposed, we will continue to hear, as we've heard for far too long, that there is no money for healthcare, no money for alternative energy, no money for our crumbling infrastructure.
The American people have been bilked out of countless billions to support and "rebuild" Iraq. Now we're asked for hundreds of billions to make the losses incurred through private business failure and fraud disappear.
Just think what a difference a trillion dollars would make if we had leadership with the guts to actually invest in our own country and our own people, instead of the corporations and rich that have controlled our government for far too long.
I urge you to vote against any bailout proposal that does not contain strong measures of oversight, accountability, and transparency.
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