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September 23, 2008

Bernanke, Paulson & their companies want to use the US Treasury as an open line of credit to continue the massive scam financial operations on a new level. This would be a very dangerous game that could put U.S. taxpayers in the same condition as the crooked investment houses now find themselves.

Can there be a big enough voice in Congress to say no? Call your Congresspeople. Tell 'em that if they can even contemplate a $trillion bailout, they could pass
  • a taxpayer-backed workout program for markets only where absolutely essential as determined by an independent authority (not a former Goldman Sachs executive who is Treasury Secretary);
  • extremely tough restrictions on such a workout, including strict limits on executive compensation and a fair equity stake for taxpayers--no one gets rich off of the workout;
  • a surcharge on millionaires to help pay; and
  • funding of numerous progressive programs and benefits to help the struggling lower and middle classes (w/housing, health, energy, pensions, and so on).

The Democrats would be fools to take the bait thrown to them over the weekend, stated succinctly by House Republican Leader John A. Boehner: "This is about our way of life, our society, our economy."

In fact, the bailout is a trap (see Digby on this). If Democrats go along, they'll be blamed for selling out the taxpayer and hung out to dry by McCain and the rest of the 2008 Republican campaigns. If they try to stand up and stop this thing, markets will react negatively and the Democrats will be blamed for that too. But the Democrats must take that latter medicine. If Bush and the Republicans won't play with a progressive bill as I've outlined, then hang them with any resulting difficulties.

This crisis should be the biggest progressive opportunity of our time.

Call your Congresspeople:
Rep. Mike Michaud, Bangor: (207) 942-6935
Rep. Tom Allen, Portland: Voice: 207-774-5019, FAX: 207-871-0720
Sen. Olympia Snowe, DC Toll Free: (800) 432-1599
Sen. Susan Collins, DC: (202) 224-2523

Below, I include a model letter.

UPDATE: Gerald has a couple of GOOD POSTS up at Turn Maine Blue. He references Monday's Democracy Now!, which was excellent.

Honorable Olympia Snowe
U.S. Senate

Dear Senator Snowe:

Bernanke, Paulson & their companies want to use the US Treasury as an open line of credit to continue the massive scam financial operations on a new level. This would be a very dangerous game that could put U.S. taxpayers in the same condition as the crooked investment houses now find themselves.

Senator Snowe, will you please raise your voice in Congress to say no? If you can even contemplate a $trillion bailout, you could pass instead:

-> a taxpayer-backed workout program for markets only where absolutely essential as determined by an independent authority (not a former Goldman Sachs executive who is Treasury Secretary);

->extremely tough restrictions on such a workout, including strict limits on executive compensation and a fair equity stake for taxpayers--no one gets rich off of the workout;

->a surcharge on millionaires to help pay; and

->funding of numerous progressive programs and benefits to help the struggling lower and middle classes (w/housing, health, energy, pensions, and so on).

Thank you, Senator Snowe, for listening to a very much struggling taxpayer.

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