Bail Out letter and response from Senator Murray of Washington.

Senator Murray, I appreciate your response, and while I disagree with you, you are the only politician who bothered to respond to my concerns. I will post responses to your letter below.

Thank you for contacting me about H.R. 1424, the Emergency Economic Stabilization Act of 2008. I appreciate hearing from you about this important issue. The U.S. Senate voted to pass this bill by a margin of 74-25 on Wednesday, October 1, 2008. H.R. 1424 is now being considered by the U.S. House of Representatives.

Thank You for responding to my concerns. Even though we disagree it is nice to know my representative at least listened to my concerns.

People want to know if this crisis is real. I have asked the same question of Treasury Secretary Paulson and Federal Reserve Chairman Bernanke. I have spoken with economic experts and Washington state business leaders. Companies like Weyerhaeuser and Microsoft have made it clear that something must be done. Power utilities such as Avista and the farm groups such as the Farm Bureau have told me that the government's proposal to stabilize our financial markets is critically needed. Throughout various sectors of our economy, there is deep and genuine concern about market collapse and the potential impact on jobs, credit and pensions.

Given that that the Private bank supported by government known as the federal reserve is the one that encouraged this mess I feel you have listening to the wrong "experts." Since the Federal Reserve was unconstitutionally created in 1913 it has destroyed the purchasing power of our dollar by over 94%. Not only this, but because it is backed by the government it actually encourages banks to make silly loans because the "Government" is always there to bail it out. Businesses are given a blank check, banks make silly loans, and the American people are never told the real reason why this is happening. Instead of letting the free market decide where investments are made the Fed creates false demands, "Booms" and their subsequent "Busts" as the money supply is retracted. This has been going on for over a century and has VOLUMES of historical evidence. The great depression was even caused and then subsequently prolonged by the fed. I would recommend reading "The Creature From Jekyll Island," By G. Edward Griffin. A brief history on the Fed shows it to be the main culprit. Further government regulation (on top of the regulation we already have) is also one of the main problems. We have a banking system backed by the government which allows them to make high risk loans because the U.S. government is ALWAYS there to bail them out. This current bailout will only prolong the inevitable. Eventually, we will have to pay the piper. Huge debts to China for one. We run a system of debt. Money is not created unless a loan is generated, and even then we don't create enough money for the interest. Plus M3 (how much money the fed is creating) isn't even reported anymore. What's going to happen when foreign countries flood our market with trillions in debt that they are currently holding? The game will come to an evil end Senator. The question is only how painful will we allow it to get.

We have already experienced a slowdown in home sales and construction. Our home state bank, Washington Mutual, was unable to withstand the crisis and was acquired by another institution. Millions of Americans have tried to obtain a loan or refinance their mortgage, but have found it increasingly difficult to find a willing line of credit and in many cases have been unable to do so at all. If this crisis worsens, credit could freeze completely for consumers and companies who use credit to pay their employees or run their business operations. The bottom line is that without a steady stream of credit, American businesses will not be able to pay their workers and Americans will lose their jobs. Because of the impact the financial crisis could have on all Americans, from layoffs to access to credit, I supported the Emergency Economic Stabilization Act of 2008.

The act you voted for only prolonges the inevitable. The mortgage crisis is because banks handed out loans to individuals they should never have given them to. The government created and backed companies Freddie and Fannie perpetuated this. So government intervention got into this by created and demanding false demands. More government regulation is (to make a summary of Ron Paul) like a drug addict dealing with withdrawl by looking for his next fix. More government is not the answer.

I understand the frustration of people who want those on Wall Street to be held accountable for their actions and shoulder the consequences of their own misdeeds. Americans are being confronted with two undesirable options. Either do nothing and let the crisis worsen, or take action and use taxpayer dollars to solve a problem they did not create. Americans are rightfully angry. However, those who created the problem will not be those who are hurt most if the government does not act. My top priority is to do what is best for the people of Washington State and the nation, and that is why I believe government action is urgently needed in this situation.

But by passing this bill you are hurting the people of Washington State. We have to deal with the loss of our purchase power via the hidden tax called inflation. We have to deal with the loss of jobs from an unsound monetary system. We have to assume the risks of bad business decisions of wall street. The bailout allows and encourages them to keep making high risk decisions. A good example of this was the Oregon PERS system. The public employees of the early 2000s were guaranteed 8 percent profit on their retirement accounts per year, NO RISK... These accounts in turn lost huge amouts of money in the earlier part of this decade (due to high risk taking, why not they don't risk any losses). The tax payers of Oregon had to cover the losses and pay out an additional 8 percent. No risk means high risk taking by business. Again, the history of government bailouts supports me conclusions here.

The original plan presented to Congress by President Bush and Secretary Paulson was a non-starter. Congress rightly refused to give Secretary Paulson a blank check to spend hundreds of billions of dollars without oversight. Congress refused to allow executives of failing companies to walk away with millions of dollars in severance packages while taxpayers paid for their mistakes. This legislation is a more prudent agreement to anchor taxpayer dollars to strict Congressional oversight and scrutiny by independent economic experts. We added assistance for responsible borrowers hit by the foreclosure crisis and plans to recoup money from any institutions which use government money and then see a profit. In the future, it is possible that most, if not all, of the taxpayer money invested will be returned once this crisis comes to a close.

Problem is the new one is bad too. Again, Freddie and Fannie are government programs. Government oversight didn't work too well there. Congress has to be vigilant in our oversight of how this law is implemented. I fought to ensure that every transaction that takes place regarding this funding will be on the Internet for all Americans to see. In addition, I strongly support the Federal Bureau of Investigation's (FBI) and other state and federal agencies' investigation into the wrongdoing related to the current crisis on Wall Street. If fraud and criminal activity are uncovered, the individuals responsible must be prosecuted to the fullest extent of the law.

While their at it maybe you could ask them to audit the Fed and find out where the American People's gold is at. If you want to find out who's responsible I would take a closer look at some of your fellow politicians and the Federal Reserve. Lets investigate that as well.

It will take both investment and honesty to get our economy back on track. The next administration will inherit this economic crisis along with many other serious challenges. I hope our new President is honest with the American people about where we stand and what it will take to move America forward.

The honest thing to do is to abolish the unconstitutional private bank/cabal known as the Federal Reserve. Next, would be to get the government out of business. No bailouts.... Businesses would make it or fail based on their own sound or unsound business decisions. Bailouts encourage bad decisions. They made the profits of high risk, and they must suffer the consequences. If you take a look these businesses are being eaten up by other big businesses. So next time this happens (and there will be a next time) you have bigger companies failing and impacting the economy.

I believe that to move America forward, we need to invest in the infrastructure and education that create economic growth and jobs. We have to invest in our workforce and find a way to make health care affordable and accessible. We have to increase funding for research and development and reward innovation. We have to implement a smart, forward-looking energy policy that ends our addiction to foreign oil. It is time to put America's families first and restore their faith that government works for, not against them.

If you want to make healthcare affordable we might start with getting the government out of it. The amount of illegal immigrants using the ER while paying nothing, medicare and medicaid laws, not to mention that medicare and medicaid pay hospitals out a fraction of the cost. Holding companies that don't deliver paid services to it's members would be noble, but this is not the main issue with healthcare today. I would suggest reward innovation by decreasing taxes and freeing up money that individuals can individually invest into such ideas. A good energy plan would be to allow businesses to develop such technology while not get the backside taxed in the process. Unfortunately the bailout does work against American families.

I grew up with a country at my back - one that when my own father got sick and could no longer work was there with Pell Grants and student loans and even food stamps when my family needed them. I will always remember that. I supported this legislation because the American dream of owning a home or going to college is simply too important to take a back seat to politics or to be put at risk by the misdeeds of Wall Street. Yet this is exactly what our current economic policies will bring; more hungry families. As Congress continues to work to restore our economy, I will continue to stand up for our state and listen to your concerns. Thank you for contacting me, and please do not hesitate to contact me in the future. I hope all is well in Vancouver.

Vancouver is well thank you. Senator Murray I do want you to know that although I disagree with you I appreciate and fully respect your response. Many politicians (including my congressman) don't bother to respond to my concerns. I at least know that your intentions are to do the right thing. Unfortunately, I fear your position will hurt Americans down the road for years to come. Even so, I respect the fact that you take your position seriously and that took the time to respond to my concerns.

Sincerely yours,
Marc White