Let Them Fail.....letter to our Non Representing Congressman

Let Them Fail
Constitutionally speaking I have been worried by the events of current financial meltdown and the current administration’s actions. To start with God created people, people created government, and government created corporations. I see a pretty clear order. Now with the “Systemic Risk or Too Big to Fail” mentality, Congress and the President have borrowed our future and put every person in this country in debt to save Corporations! What? Corporations are not a living being, yet receive our money and our future taxes. Corporations have the same rights as a person but they don’t die, don’t necessarily have a sole leader and because of some “knee jerk” reactions by our politicians they continue to receive our money to save them? Why? If a company is going broke it needs to make some changes, rather than continuing doing the same thing again except with our money. Congress made a poor choice by spending the money in the first place now, they continue to pour good money after bad. Billions have turned to Trillions and the current deficit spending in eight years will amount to ten Trillion dollars! When adding all the government borrowing, beginning with George Washington through George W. Bush the total is five and a half trillion dollars. We have doubled that total amount ever borrowed by this country, amazingly all of this accomplished in the first 100 days of the administration who promised to bring “change”.
Now that this administration has spent our money, they have taken the next step to socialism. Over the weekend President Obama asked the CEO of GM to resign. Now our politicians are making corporate decisions, and so far it seems pretty clear that the choices they have made have been to constrict private business growth and bury our future in debt - Socialism; government making choices for state sponsored business.
These corporations need to be put into receivership, reorganized or put to death. Congress and the Treasury do not need to keep pouring our money into a broken corporate model that will not fix itself. We need to allow capitalism to work; if a company is going broke it may fail and it has some tough choices to make. When this takes place it will be painful throughout the economy, afterwards out of the ruins will rise leaner, more efficient companies, without the baggage of years of mismanagement and decade old contracts continuing to haunt them. If there is not a valid business or business model, it will die.
There is no such thing as systemic risk; if a big bank fails the FED is going to back all deposits. The assets will be sold or dispersed to others in the industry that did not take needless risks with their capital. The FED is already guaranteeing most of the system now anyway. It’s time to stop having all the mid-sized regional banks who did not pursue risky investments carry the big banking idiots with increased FDIC fee’s brought on because of their greedy actions. LET THEM FAIL, we will all be better off in the SHORT run. Ken Lewis Chairman of Bank of America wants to be Captain of the Universe, he has bought Countrywide (with TARP money) bought Merrill Lynch (with TARP money) and now has a problem with their capital base. I propose they did not have the capital base in the first place, and we have helped a BIG ego make even worse choices with our money. As a side note Merrill paid $2.1 billion in bonuses to five corporate executives in January, ten times what AIG paid to hundreds of workers. Citibank has spent over two BILLION dollars on its failed leaders in the last two and a half years all the while driving the company into the ground. Yet they still need more TARP money each quarter…and we keep giving it! Hell, I could have bought WAMU, it paid for itself. It did not have any equity, all assets were sound and the toxic loans were to be removed or discounted with provisions for billions more later. The bank will generate its own capital base in the first eight months, before any purchase money is due. This is huge corporate welfare at our expense.
Let me retrace, our constitution begins with “We the people…” but this current administration is changing it to read…”We AIG…” Our rights have been supplanted by these corporations while they are being held up on our backs and our taxes without our blessing: only by a few hundred in Congress and the White House who have made these choices for us. Now our President is meddling in private business: sounds a lot like China. State sponsored business is also state run business. People, what we have here is the beginning of the end for the USA, or maybe the beginning of, should I say United Socialist States of America. If this doesn’t make the hair on the back of your neck stand up, it should. Please contact your leaders in congress; we have got to stop the madness.
Waldo382, Goodyear AZ