View Full Version : CA Senator Boxer replies to my email regarding bailout

Chief Rocka
10-04-2008, 01:18 PM
Thought that the CA residents may be interested...

My reply is below too...

Dear Mr. Chief Rocka,

Thank you for contacting me regarding the financial rescue legislation (H.R.1424). I appreciate hearing from you on this critical issue.

The fundamentals of our economy have been shaken, and Americans are deeply concerned. When Secretary Paulson and Chairman Bernanke placed an urgent phone call a few weeks ago to Congress to say we needed emergency action to prevent a major financial meltdown, I expected they would come forward with a plan that was targeted and reasonable, with appropriate oversight and taxpayer protections.

Unfortunately, what they brought us was a $700 billion blank check, which they asked us to sign with no questions asked. This plan contained no oversight, no taxpayer equity, and no control over CEO pay. I strongly opposed this proposal - and thanks to your phone calls, e-mails, and letters, Congress stopped it in its tracks.

The Senate made major improvements designed to strengthen our economy and protect our taxpayers. Instead of a blank check, the Senate plan included significant Congressional oversight, equity for taxpayers, curbs on executive compensation, an increase in FDIC insurance protection for bank depositors, middle-class tax relief, and job-creating tax incentives for renewable energy. The bill passed the Senate by an overwhelmingly bipartisan vote of 74-25 and the House by a vote of 263-171.

These were very important changes. But let me be honest: There were still aspects of this package that I didn't like. I preferred the government acquiring more equity instead of toxic assets. I wanted the package to be put forward in smaller installments and to include more checks and balances to make sure it would work.

For me, the deciding factor in my Yes vote was information I received from the State of California. I was told by the Treasurer's office that without access to credit, which is the goal of this legislation, California wouldn't be able to sell voter-approved highway, school, and water bonds that are desperately needed for our economy and the creation of good-paying new jobs. In addition, I was told by the Governor's office, that without action, our state might be forced to withhold funds for law enforcement, schools, and other needed services. This would bring our state to its knees and many middle-class families would be in deep trouble. Small businesses are beginning to tell me they cannot get lines of credit to meet payroll, as well.

Rest assured, I will continue to speak out forcefully about the failures that led us to this place and keep working with my colleagues to strengthen confidence in our markets, protect the American taxpayers, and enact regulatory reform to ensure that we don't end up in this mess again.

Again, thank you for writing to me about this very important matter. Even though you may feel frustrated with the outcome of the legislation that passed, your voice absolutely resulted in the enactment of a better bill. Feel free to contact me again about any issue of importance to you.

Barbara Boxer
United States Senator

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Senator Boxer,

That was a very well-written and interesting statement. However, let me remind you that you are an elected official. Your job is to be the voice and the representation of your constituents. Regardless of how you personally felt about the legislation, neither you nor many of your colleagues on Capitol Hill voted with the will of the people. You voted instead with the will of Wall Street bankers.

But, just to clarify, are saying that you would not have voted for HR 3997? I did not hear a peep of opposition to the fact that the old HR 3997 was hollowed out and given straight to the House. What about the Senate's voice? Ah, since the second version of the bill (H.R.1424) was loaded with $150 billion of taxpayer money for special interest groups it probably made it all that much easier for you to vote for it.

This legislation was rushed through and passed in a panic. How can a huge decision like this be made under pressure without time to debate? If only you and your colleagues would have taken time to debate and understand the situation instead of taking whatever comes out of Paulson's mouth or from whatever treasury office as the truth. Do you know in your heart that this legislation will fix the problem? Have you considered the stance that this legislation is just a band-aid that will in the end only prolong any economic misery our nation will inevitably face? Or could this legislation actually make the problem worse? What about the fact that the US Treasury does not have $700 billion in reserves? Have you considered how the creation of $700 billion will devalue the dollar? If the dollar is worthless, how will it pay for any of the items you mentioned in your statement? What makes you think that continuing the same practices of spending, borrowing, increasing the deficit and hanging the debts on the taxpayer will fix anything? These actions define insanity. Look it up.

The Great Depression was not caused by the market crash of 1929. It was caused by the US Government's interference with the free market while trying to fix the economy. Even the founding fathers of our Great Nation understood that the beauty of our free market economy is that it will heal itself as long as the Government stays out of the way.

Senator, let me be the first to congratulate you for your participation in selling out this great country of ours. Good work!

10-04-2008, 01:36 PM
That was a terrific letter. Congratulations on a job well done!

And, welcome to RPFs.