Call Congress About the Wall St. Bailout

24 Sep

Via Puma Pac:

Call Congress and tell them what you want to see in the Wall Street Bailout:

1. No Blank Check! Bipartisan oversight from Congress must be included. If we taxpayers are going to open the Treasury to Wall Street, we sure as heck better watch them. I don’t know about you, but I don’t trust those Billionaire Boyz as far as I can kick them in my red suede Pumas.

2. No Golden Parachutes! Executive pay must be curbed. If the welfare-seeking CEO’s won’t take it, let them bail THEMSELVES out.

3. Fire Sale Prices! No overpaying for troubled assets. If the risky assets are reasonably assessed at 75% of their face value, but private firms are only willing to pay 25% for them, then the government sure as heck shouldn’t be paying 75 cents on the dollar instead of 25 cents (like Barclays did for Lehman assets, or Buffet is doing for Goldman Sachs’ assets). We want FIRE SALE prices!

4. An Equity Stake in the firms we bail out! The taxpayers should not be expected to pay big bucks for risky assets (no one has a firm prediction of what these troubled loans will in fact be worth), without any piece of the payback. That makes no sense. Wall Street wants us to take all their risk and let them keep all the reward? I don’t think so.

Thanks to NL for help with this.

Call your Representatives and Senators in Congress today! Tell them you are a Puma PAC member and you are PAYING ATTENTION. Call them again tomorrow!

Call one of these Toll Free Capitol Hill switchboard numbers:

1-877-851-6437
1-800-828-0498
1-866-340-9281
1-866-338-1015

A nice person answers the phone. Tell the name of your rep. and state. You’ll be connected to the reps’ aide who will take your comments . (thank you to KR in comments for these phone numbers)

Also, read these — they are extremely enlightening and informative.

Wall Street Journal article

Krugman’s NYT Blog

Krugman’s Column

Leonhardt’s NYT Column

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