Reply from Senator Dodd: Economic Stabilizatio Actn

[Don]

Some additional background:

I initially contacted Senator Dodd asking specifically what the Senate Banking Committee had done since he was the Chairman over the past 20 months to prevent or minimize the current economic situation. You can form your own opinion if my question was answered:

" The economy of the United States is facing its most serious challenge in generations. The turmoil that began in the housing market has spread throughout our financial markets, and has forced the Federal Reserve, the Treasury Department, and other Federal agencies to act in unprecedented ways to safeguard our nation's economy.

The root cause of this crisis is the lax underwriting of mortgages and slow response from regulatory agencies to address it. This crisis of confidence is threatening the financial future of our fellow citizens. Over 9,800 per day find themselves facing foreclosure, wages have dropped, food and fuel prices have increased, and over 760,000 jobs have been lost since January 2008. On September 29, 2008 the Dow Jones Industrial Average dropped a staggering 778 points-the largest single day drop ever. Over the past year, the Dow has fallen by approximately forty percent. Millions of Americans have seen their hard-earned retirement investments shrink precipitously. If this crisis is allowed to continue, these same hard-working, middle-class Americans will find it increasingly difficult to be able to send their children to college. Because of the unprecedented threat posed by this crisis to our economy and way of life, I believe that unprecedented action by Congress is required to address this crisis. The Emergency Economic Stabilization Act (EESA) would take that action by authorizing the Secretary of the Treasury to purchase troubled assets and other financial instruments in an effort to expand the flow of credit to American households and businesses. In addition, the bill protects taxpayers in a variety of ways, including by strictly limiting golden parachutes and other forms of excessive pay for executives whose companies benefit from the EESA; giving taxpayers a share of the profits in any companies helped under the EESA; helping deserving homeowners avoid foreclosure; and requiring stringent oversight and reporting so that taxpayers' money is spent as wisely and carefully as possible. I have enclosed a summary of the Emergency Economic Stabilization Act, which passed the Senate on October 1, 2008 for your review. "

[wtm442]

Originally Posted by Don

Some additional background:

I initially contacted Senator Dodd asking specifically what the Senate Banking Committee had done since he was the Chairman over the past 20 months to prevent or minimize the current economic situation. You can form your own opinion if my question was answered:

blah, blah, blah ad nauseam ...

He could have said "absolutely nothing" and saved a lot of ink.

[Dan40]

Here is an interesting fact from the Bureau of Engraving and Printing. This in response to a question I asked them.

The total DOLLARS [all denominations] in circulation WORLDWIDE is just under $790 BILLION. The total money they have printed SINCE 1862, just UNDER $850 BILLION.

So the total REAL money out there is just $90 billion more than the $700 billion our wonderful ELECTED dolts voted to give away in one swell poop.

And I don't even want to think about our $10 TRILLION nat. debt considering we took 146 years to print $850 billion.

Can I buy a house on Boardwalk?

Dan