I am a homeowner and a citizen of the city of Madison, the state of Wisconsin and of the United States of America. I have struggled over the past years to pay down my own debts and to provide as best I can for my family. I have voted in every presidential and congressional election since I was eligible to vote.
I am shock at the idea that the country’s wealthy elite has decided that in order for their balance sheets to stay whole, they need a handout from the taxpayers. Such a plan should be dismissed entirely. It is not good for this country, not good for the taxpayers, not good for the dollar, and in the end, not good for American business.
It does not fix the problem. As an alternative, I suggest you read the following open letter to the U.S. Congress from John P. Hussman, Ph.D., and president of the Hussman Investment Trust. In it you will find a recommendation that does much more to fix the problem we have, and does not cause Congress to violate the trust given in them by we, the citizens of the Unites States of America.
Recall also that the last time something was pushed through quickly due to a sense of urgency (real or imagined), we ended up with the Patriot Act and mired in a land war in Asia.
Do what is right, not what the lobbyists of Wall Street tell you what they want. They bought risky investments, they earned the profits and should endure the losses. Don’t make the taxpayers pay for their folly.