Tuesday, September 23, 2008

Message to Congress

[Text of emails sent to my Senators and Congresswoman.]

While I support rapid action to free up the credit markets, I think the suggestions by various Democratic legislators are an essential part of the solution:

1) Relief for homeowners who cannot afford the mortgages they got; at least half the money should go to their direct relief.
2) A substantial equity position by the US in any financial institution or homeowner taking advantage of the program; taxpayers should own what they bail out.
3) A limit on compensation for the leaders who got the financial institutions in the mess in the first place (and, to the extent possible, a clawback of past compensation and golden parachutes).
4) No relief at all for purely speculative securities, e.g., Credit Default Swaps; let the gamblers take their own losses, as they would have taken their winnings.

I believe that you have the principles and the instincts to do the right thing.
Please refuse to be bullied by the Bush Administration on this.

Jim H.

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