letter: vote down the bailout

Via Ryan, here is a letter he wrote to Bush, Paulson, and Georgia senators:

I oppose the proposed bailout plan because I do not believe that Government intervention into the private market is in line with free market capitalism. While I realize that some companies are extremely important to the backbone of this economy, and the world economy as a whole, I do not believe it is within the realm of democracy for the Government to decide to do this.

The Government is setting a horrible example for the future to any major business, whether it be an airline, car company, insurance provider or a banking institution that they need not be afraid of failure. This is the ultimate example of companies making horrible decisions just to turn a little more profit, and failing in the process. That's what free market capitalism is all about though. Millions of businesses come and go through the cycle in the marketplace, and those who are outstanding and conduct their operations properly are the ones who experience lasting power.

This problem, however, stems to a lot more than improper lending and practices. The US Government's position on illegal immigration is also partially to blame. With a tighter control on immigration, the United States would be able to put more low level jobs that are currently occupied by illegal immigrants ( non-tax paying illegal immigrants none the less) into the hands of Americans. With proper work in their lives, perhaps people would learn a little more work ethic that would transfer over to their financial lifestyle.

While lenders are horribly to blame for the housing crisis, the United States citizenry also takes some of that blame on them. If people would learn to live within their means instead of going for the biggest and the best, we would not have such a fallout from the sub-prime mortgages issue. Again, people with jobs learn to live within their means better, hearkening back to my argument on illegal immigration.

Furthermore, our ridiculous support of foreign oil (from OPEC) is playing to the downfall of the economy. While I realize that trade is an important part of every economy, the fact that we are shipping so much of our money outside our borders has contributed to the weakening of the dollar and the downfall of consumer confidence in spending.

It is hard to believe that a Government with a national debt of nearly $10 Trillion has the ability to post a $700 billion bailout for failing (free market) companies. While I agree with the choice to help Fannie May and Freddie Mac (as they already have ties to the Gov't) I don't think this massive sweeping bailout is a good idea.

I hope this letter has some effect on your thoughts on the matter, and I ask you to please vote down the bailout plan.

Sincerely,

Ryan Duckworth