Money and Markets reports, based on an LA Times story, that the Obama-Dodd-Frank financial regulation bill contains another bailout. Depositors at the failed Indymac bank are going to be reimbursed above the $100,000 per account that was, at the time, clearly insured by the FDIC.
The House passed the final version of Obama-Dodd-Frank yesterday.
BUT WE CAN STILL DEFEAT THIS BILL. Please send a letter to the Senate opposing this latest bailout.
You can copy or borrow from my sample letter . . .
We hear it all the time at international sporting events. The crowd chants, USA, USA, USA. I do it too. Proudly. But, because many people confuse our nation’s government with the nation itself, it may be time for a name change.
I think we should refer to the federal government as the Department of Prolonged Childhood, and those who mistake their government for their country should instead chant DPC, DPC, DPC. Here’s why I think this . . .
Adults understand that they must pay a price for the mistakes they make. Children, on the other hand, want constantly to be bailed out . . . and deserve to be . . . by their parents. Here’s the mistake you politicians make . . .
We are not a nation of children, and you are not our parents.
Turning us all into weak dependent children may be good for the business of politics, but its bad for a culture, and completely unworthy of a country that once referred to itself as the land of the free and the home of the brave.
I understand that the Obama-Dodd-Frank financial regulation bill contains yet another bailout — a tax funded subsidy for the irresponsible behavior of supposed adults. I understand that the depositors at the failed Indymac bank are going to be reimbursed for losses above the $100,000 per account that was then-insured by the FDIC. This is wrong, both morally, and practically.
Every adult knew, back then, that the FDIC only covered accounts up to $100,000, and that depositers must keep less than that amount in each account if they wanted all of your money to be insured. Those who did not behave in an adult fashion should not be bailed out by the rest of us.
Such a bailout also constitutes a subsidy for irresponsible behavior, and whatever you subsidize increases. Consumers will care less about the safety of their banks, knowing that you will bail them out, and banks will likewise take more risks for the same reason. The result will be more disasters, followed by more bailouts.
This is how the government of the United States degenerates into the Department of Prolonged Childhood. Please defeat this bad bailout and this bad bill.
END LETTER
You can send your letter to Congress using DownsizeDC.org’s Educate the Powerful System.
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Perry Willis
Vice President
DownsizeDC.org, Inc.
You can copy or borrow from my sample letter . . .