happyphilter
10-15-2008, 01:36 AM
I just received this letter after mailing my representative Dave Camp(MI-R) a number of days ago. Read it and let me know what you think.
I don't have a scanner so I'll type it out.
Dear Philip:
Thank you for contacting me.
Over the past two years, our economy has undergone a major housing correction. Today, the underlying weakness in our financial system is the losses resulting from bad mortgages. These losses are severely restricting the flow of credit that is vitally important to our economy. The credit crisis is real and it threatens the jobs and savings of every American. I think people deserve to know why this is happening. Frankly, we face this situation in a large part because a small group in Washington blocked needed housing and financial reforms in 2005.
With a national media too focused on sensationalism instead of good journalism, this wasn't front page or even back page news. As a result too many Members of Congress felt no pressure to act. It is akin to what happened with our energy policy, or lack thereof, when gas was $2 per gallon and not making the evening news. It is a failure to lead and a failure to serve the honest, hardworking Americans who send us to Washington to represent their best interests. It was politics at its worst-taking the easy road and protecting Washington institutions with powerful lobbyists.
Ignoring growing problems is not what I came to Washington to do, and it is not what I believe my job is. And, in all my years of service, I cannot recall a situation that has me-and rightly the American public-so outraged. People's jobs are at risk, their homes at risk, their ability to stay afloat is at risk, and through no fault of their own.
When the President sent us a Wall Street bailout package two weeks ago, I refused to support it. Main Street should not and will not pay for the failures on Wall Street and the failures in Washington. After some tough negotiations we now have a package that 1) protects taxpayers by requiring assets in exchange for funding; 2) punishes Wall Street executives who put our economy on the brink of disaster by capping and even eliminating pay and golden parachutes; and 3) establishes necessary reporting on and oversight of how and how much taxpayers funds are spent.
Equally important, this bill addresses mark-to-market accounting rules that incorrectly undervalued mortgage assets. And, to shore up confidence in our banks, especially for our small businesses, the FDIC limit was increased from $100,000 to $250,000.
Unfortunately, some have described the tax items added to the bill as "pork projects." This could not be further from the truth. Let's look at some of those provisions, like extending research and development on tax credit. That is not pork. It helps keep jobs in America. Canada has a permanent R&D credit. India and China directly subsidize R&D. If we are going to keep and create good, high-paying jobs we had to reenact the R$D credit. I am also working on making this credit permanent.
Credits for solar energy production and credits to buy alternative fuel aren't pork either. I wrote each of these provisions and can unequivocally say they are good for Michigan and good for America. They should have passed on their own, but their inclusion in the economic rescue package is legitimate and necessary. I have enclosed a fact sheet that fully explains each provision that was mischaracterized as pork.
Still, this bill was far from perfect. But the clock was running down and there was precious little time to diffuse the financial ticking bomb, which could destroy our economy for years to come. Make no mistake: this wasn't just about the stock market: this was about jobs and ability to find work.
Don't just take my word for it. Robert Dumont, who is the President of the Farmington Hills based Tooling, Manufacturing, and Technologies Association, told the Detroit Free Press recently that many already hard-hit tool and die shops would go under if the credit markets collapsed. The same is true for many students seeking college loans, young couples looking for their first home and certainly anyone looking to buy a car or truck.
Clearly, we had to act, and act immediately. So, I supported the Emergency Economic Stabilization Act. More importantly, I promise my constituents that this is not the only step congress will take. I will continue to push for reforms and greater oversight so that hardworking Americans are never faced with this situation again.
Thank you again for contacting me.
Sincerely,
Dave Camp
Member of congress
I don't have a scanner so I'll type it out.
Dear Philip:
Thank you for contacting me.
Over the past two years, our economy has undergone a major housing correction. Today, the underlying weakness in our financial system is the losses resulting from bad mortgages. These losses are severely restricting the flow of credit that is vitally important to our economy. The credit crisis is real and it threatens the jobs and savings of every American. I think people deserve to know why this is happening. Frankly, we face this situation in a large part because a small group in Washington blocked needed housing and financial reforms in 2005.
With a national media too focused on sensationalism instead of good journalism, this wasn't front page or even back page news. As a result too many Members of Congress felt no pressure to act. It is akin to what happened with our energy policy, or lack thereof, when gas was $2 per gallon and not making the evening news. It is a failure to lead and a failure to serve the honest, hardworking Americans who send us to Washington to represent their best interests. It was politics at its worst-taking the easy road and protecting Washington institutions with powerful lobbyists.
Ignoring growing problems is not what I came to Washington to do, and it is not what I believe my job is. And, in all my years of service, I cannot recall a situation that has me-and rightly the American public-so outraged. People's jobs are at risk, their homes at risk, their ability to stay afloat is at risk, and through no fault of their own.
When the President sent us a Wall Street bailout package two weeks ago, I refused to support it. Main Street should not and will not pay for the failures on Wall Street and the failures in Washington. After some tough negotiations we now have a package that 1) protects taxpayers by requiring assets in exchange for funding; 2) punishes Wall Street executives who put our economy on the brink of disaster by capping and even eliminating pay and golden parachutes; and 3) establishes necessary reporting on and oversight of how and how much taxpayers funds are spent.
Equally important, this bill addresses mark-to-market accounting rules that incorrectly undervalued mortgage assets. And, to shore up confidence in our banks, especially for our small businesses, the FDIC limit was increased from $100,000 to $250,000.
Unfortunately, some have described the tax items added to the bill as "pork projects." This could not be further from the truth. Let's look at some of those provisions, like extending research and development on tax credit. That is not pork. It helps keep jobs in America. Canada has a permanent R&D credit. India and China directly subsidize R&D. If we are going to keep and create good, high-paying jobs we had to reenact the R$D credit. I am also working on making this credit permanent.
Credits for solar energy production and credits to buy alternative fuel aren't pork either. I wrote each of these provisions and can unequivocally say they are good for Michigan and good for America. They should have passed on their own, but their inclusion in the economic rescue package is legitimate and necessary. I have enclosed a fact sheet that fully explains each provision that was mischaracterized as pork.
Still, this bill was far from perfect. But the clock was running down and there was precious little time to diffuse the financial ticking bomb, which could destroy our economy for years to come. Make no mistake: this wasn't just about the stock market: this was about jobs and ability to find work.
Don't just take my word for it. Robert Dumont, who is the President of the Farmington Hills based Tooling, Manufacturing, and Technologies Association, told the Detroit Free Press recently that many already hard-hit tool and die shops would go under if the credit markets collapsed. The same is true for many students seeking college loans, young couples looking for their first home and certainly anyone looking to buy a car or truck.
Clearly, we had to act, and act immediately. So, I supported the Emergency Economic Stabilization Act. More importantly, I promise my constituents that this is not the only step congress will take. I will continue to push for reforms and greater oversight so that hardworking Americans are never faced with this situation again.
Thank you again for contacting me.
Sincerely,
Dave Camp
Member of congress