Dear Mr. Davis:
Thank you for expressing your concern with the financial sector.
I agree that we need to be careful not to take steps that would reward the banking industry for taking risks. These institutions made unwise decisions, and the taxpayers should not be responsible for bailing them out.
This administration has danced to the drumbeat of deregulation for the past eight years, and now everybody is paying the price. The economic instability directly affects thousands of American jobs and the savings of countless middle class families.
In the days ahead, we need to focus on containing the damage as much as possible. In the months ahead, we need to take a fresh look at how we set limits on financial markets, not just to prevent damage from spilling over into the rest of the economy, but to protect financial markets from overheating.
As a member of the Senate Banking Committee, I will fully support efforts to investigate these institutions to determine what went wrong, so that we can begin to move forward in the right direction.
In addition, I will oppose any golden parachute severance payments to the CEOs of these companies, who should be held responsible for their mistakes. The Federal Housing Finance Agency recently barred these payments to the CEOs of Fannie Mae and Freddie Mac, and I will work to ensure that this pattern continues. Above all, I will work to protect the economic interests of the average American -- instead of the few who have been favored by this administration.
Thank you again for contacting me. I will certainly keep your views in mind as the Senate discusses ways to remedy the financial industry.
Sincerely,
Sherrod Brown
Response
Sherrod Brown once again responded to my letter of inquiry. With the high degree of uncertainty radiating throughout the nation, the Senator from the Great State of Ohio has come through. I agree with him on 80% of his platform...but I am certain I will have his campaign board in my front yard the next time he runs for office. To be quite frank with you, I had no idea that he was on the Senate Banking Committee. I will take Senator Brown at his word...as thus far he has proved himself a man of character and responsibility.
Fellow Democrat Barney Frank was on Bloomberg TV today stating "Henry Paulson can be as pushy as he wants to be, it does not matter what he thinks or wants...we make the laws!" I am also quite comfortable with Senator Richard Shelby from the Great State of Alabama. He appears to be a bit of a maverick (like McCain)to thumbing his nose at the Republican Party in general (when it is not in the best interests of the American people), and the President in particular. I am still gravely concerned about the corporate interests of Senator Christopher Dodd. Evidently Bank of America was instrumental in writing the "last Housing Bill... and Dodd is in the banking lobby's pocket! I will continue to believe this until I am proven wrong! In the meantime, we can only hope that corporate interests are squeezed in this deal. After all, they are not in position to call the shots...and we all know what happened the last time Congress was rushed into a decision!
$700,000,000,000.00 bailout... I don't believe it for a minute. Once the government's purse strings are open... these banks will really fess up to the amount of toxic paper they are holding...and it is a @#$% more than $700,000,000,000.00. My prediction is closer to 1.2 trillion.
I will also have you know that I have sent my original letter of concern to Senators McCain, Obama, Shelby, and even Dennis Kucinich... and I never thought I would send Representative Kucinich anything... However, he might be the best ally that middle class America has in this one.
Investments...
1. Short the dollar long range.
2. Oil which is priced in dollars will look more expensive...but in reality, it is just that our dollar is a lot weaker and buying less.
3. Good as gold... keep an eye on the dip...
4. natural gas...
5. oil drilling equipment..to counter act the perceived increase in oil, off-shore drilling will not only be requested...it will be demanded!
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