posted October 3, 2008
"...I don't want to be a part of that."
Should anyone be surprised? Look at his record. He supported Mr. Rangel's "monument to me" in New York. This one does contain more pork than the first for all those pork-fighters to lambast the walls of Congress about. Far and few between are those who can stomach what it really takes to lead. It is bloody; it is nauseating to the stomach; it is wearying; it doesn't carry well before cameras; it is lonely and may only mean one term; it is against what everyone fears or may be accustomed to. But in the end, healing comes and strength renews.
I called Mr. Wamp twice and asked him to vote against this bill.
Mark Albertini
albertini_m@bellsouth.net
* * *
While I understand the reasoning Zach Wamp has given in voting for this so-called bailout bill, nonetheless I am disappointed. This bill will not "end" the crisis; in fact, it will lead to further crises and will make the long-term situation even worse.
First, let us think about the gist of the argument that proponents have made: Unless Congress authorizes the U.S. Department of the Treasury to issue up to $700 billion in bonds in order to purchase worthless securities being held by banks and financial institutions, the entire U.S. economy will tank. This argument is ludicrous on its face.
Second, the institutions that are in trouble just happen to be the ones following the Harvard MBA line that "cash is trash” and that debt and leveraging are the way to go. Now that they have been caught in a crisis, they are illiquid, so they are demanding that the government give them cash.
Gee, these institutions deliberately followed certain policies that have proven to be disastrous, so the rest of us are supposed to fess up and help them? And if we don't the markets will throw a tantrum and sabotage themselves? True, the Dow might drop another 500 or so points tomorrow if the House rejects this bill, but the traders are adults and they know that they cannot throw tantrums forever.
I have said it once and will say it again. This bailout bill is not the end; it is the beginning. The government cannot prevent a recession; the only thing the government can prevent is a recovery, and it is doing a great job in that department.
William L. Anderson
Associate Professor
Department of Economics
College of Business
Frostburg State University
Frostburg, Md.
* * *
Dear Congressman Wamp,
Thank you for voting no on the first bailout bill. That took political courage and I commend you for that. However, I read in the chattanoogan.com that you are planning to support the second version, which is even worse than the first. I hope this is not true or that, if it is, you will reconsider before the vote is taken.
I don't think I have to explain to you that this bill represents socialism, corporate welfare at its worst. Not to mention the extra billions and billions of dollars in pork projects inserted into this version to buy votes in the Senate and the House. This bill is a disaster waiting to happen. Please don't help it happen. It will be a terrible thing both for the country and for your political future. (Imagine running for governor with this albatross around your neck.)
I know you are afraid the situation will get worse if Congress does nothing. Guess what, the situation is going to get worse no matter what. The Federal Reserve has devalued the dollar, we are many trillions in debt, the housing market is in shambles; a hard landing is inevitable. Passing this bill may (no one is sure) delay the consequences of our reckless fiscal policy for a while, but sooner or later, we are going to face those consequences.
As your colleague Ron Paul says, it would be better to pay the piper now, painful as it will be, and get this over with, than to postpone the inevitable and face an even more painful crash landing sometime in the future. The further you climb up a slippery slope, the harder you land when you finally lose your grip. Dr. Paul says it much better than I do, so I hope you will read his article below before casting your vote.
Joe Dumas
Signal Mountain
* * *
Dear Congressman Wamp,
Could you please spot me a couple mil?
It's been an awfully tough month so far and I haven't made a dime. Oops, perhaps I should rephrase that. I haven't earned a dime so far this month. You feds get a little pithy when we make our own money, unless we're members of the Federal Reserve. Those boys and girls get to print as much money as they want, with impunity, and we schmucks here on the street pay them to do it. They act as if they're elected by us estupidos (that's Mexican, means stupid people), or something.
Just like Wimpy in those old Popeye cartoons, I'll gladly pay you Tuesday for a couple mil today. It has been a terrible month and, like, it's only the 2nd. If this situation doesn't change soon I may even have to get out, break a sweat, and do some work. That doesn't need to happen, sir. My sweat is so rare, why, a friend once told me it might even cure cancer. I'll at least pay the money back like those people who borrowed cash for houses they couldn't afford, buildings they couldn't pay for, and buy McDouble Cheese Burgers on their VISA cards.
Earlier today I heard a sound bite of you saying that you don't like this bailout proposition old Nancy and Company are trying to shove upon us schmucks who pay all of your salaries and benefits, but that you're having to choose the lesser of evils. If you can't see your way clear to stand up and be counted for us, your constituents, the people who elected you in the first place, please do me a favor.
You know, back in the old days people didn't live on credit. I remember my Granny telling me how her daddy came to Chattanooga and worked in the coal mines for a dollar a day, with a wife and four kids at home, and in time saved enough money to buy 100 acres and start a dairy farm. They built his house. They built everything they had and what they did have to buy, they saved the money and paid cash for it. That's how a lot of us were raised ... if you don't have the money to pay for it, you really don't need it all that badly.
Last week we were told that if something didn't happen immediately, before the end of that week, which was last month, our economy was going to be destroyed. That didn't happen. It still hasn't happened, no matter what Nancy and Company, Harry and Company, or our President have been telling us about the sky teetering on the brink of falling.
They've told us small business wouldn't be able to borrow money to make payroll. That's naiveté in the extreme, and a lie. Anyone who owns, works for, or knows someone who owns a small business knows that most small business doesn't generally borrow money to make payroll, at least a healthy company doesn't. When we, small business, do borrow money we usually have to pledge our homes, vehicles, business assets, title to our first born male child and they want to lock the family jewels in their vault too. Why would we want to borrow money unless it's absolutely necessary? It generally is not, not for payroll, and most small business owners I know are not buying capital equipment right now for a variety of reasons.
A friend checked with his bank here earlier this week. I checked with mine too. I spoke with a friend in NC today and he told me those old tobacco farmers who founded his bank weren't having any problems. Neither is mine, nor is that of the friend who spoke to his banker to get the question rolling in the first place. Basically, they've all said they aren't having problems because they haven't been playing loosey goosey in their loan departments as has Wall Street and Fannie or Freddie.
Might there be a financial indicator here?
What happened to the Wall Street implosion we heard was going to happen without this bailout legislation? The Dow lost some points when they thought you all were going to pass it on Monday, but it's back up now. It came up 500 points the day after you all threw that bill out. They were skeered of something, but apparently not bank failures.
Ever hear of Economic Darwinism, Mr. Congressman? That's when we don't interfere while the strong companies excel but the weak and poorly managed companies shrivel up and die, as they should. If you would like a more in depth explanation, please give me a call. I'm in the book.
The favor? Stand up and show some leadership, that stuff we keep hearing our elected officials are full of. Tell your compadres up there on The Hill to show some guts, some intestinal fortitude, to grow a set. We don't send you folks up their so you can further mortgage our children and grand children's futures. If that's what you folks think you're there to do, I hope there's plenty of ice cream up in DC. That's a big jar of jalapeños you all are about to swallow.
Royce E. Burrage, Jr.
Royce@OfficiallyChapped.org
P.S. Let's just forget about that loan. I haven't borrowed money in a long time and don't see any reason to start again now.
* * *
In response to a couple of letter writers regarding Congressman Zach Wamp's recent vote in Washington. This is the first time that I have responded personally to an article and used my association with our Congressman. I have been with Congressman Wamp from the very beginning, starting my volunteer activity with him shortly before the Primary in 1992, his first attempt to run for Congress, in which he lost very narrowly to former Congresswoman Marilyn Lloyd.
After that race, Zach felt that due to my involvement with him that it was time for me to quit my job and go to work for him full time in his campaign office, which I did beginning with the 1994 race that resulted in him first being elected to office.
Since that time, I have worked tirelessly, recruiting and activating volunteers throughout the Third Congressional District, working with local parties in all of our counties, whether it was the former Third District or the present eleven counties which make up the Third Congressional District today. I have met and talked with thousands of individuals who might disagree with him on some issues and agree with him on others. I have talked and worked with both Democrats and Republicans who have supported him. I have even talked and been friends with those from both parties that didn't support him. Either way, I have tried my best to remain on the high road and understand the rights of all who agree and disagree with him.
The responses from opinion writers Mark Albertini and Royce Burrage regarding Congressman Wamp's recent vote are their opinions and I respect the right for them to be able to voice those opinions. I personally disagree with the content and the delivery of both messages though. I do not believe that Mr. Albertini could ever "stomach what it really takes to lead" (Albertini's own words) or he would have come close to any political race that he has ever got into, and that is many, and he has not come close to winning anything. As for Mr. Burrage, I'm sorry that your business is not doing as well as you would like for it to do on the second day of the month. You said you might actually have to get out, break a sweat and do some work...and why should you be any different than any other small business owner?
My wife is a small business owner and she does go out, break a sweat and does some work. Sure, her business isn't doing what she would like for it to do, but she doesn't use cute little sweet smelling phrases to complain about it...she goes out, breaks a sweat and does more work to make it happen.
Even though I have worked for Congressman Wamp all these years, I don't agree with him on everything. In fact, I was against both of these votes. I feel that somewhere along the line, someone had to have seen this thing being screwed up early, refused to do anything except let their golden parachute get even fatter and more golden while they exited their failing company or remained beholden to those that did profit from it. I'd like to get my hands on the person that first paid a ballplayer a million dollar contract. Now, every ballplayer wants that million dollar contract and won't even talk to anyone that offers them anything less. In that respect, it's gone too far that you can't go back to a normal salary for a ballplayer. Sometimes you just have to hit rock bottom before you can pull yourself up by the bootstraps. I would never want our country to let that happen, but I know in my heart that Congressman Wamp has wrestled with the toughest vote in his career and I know that he
would not jump to conclusions without talking to a lot of people who actually know what they're talking about and just might have a reason to support the recent vote.
No, I don't agree with Congressman Wamp on everything, but I know that for this particular problem we are facing today, he has done his homework and he has done it to the very best of his ability. Now, unless either of the previously mentioned writers have any intention of ever coming up with real solutions, I suggest both of you unplug your computers and break a sweat and do some work that will make a real difference.
Rick Tucker
* * *
What constitutional authority does Congressman Wamp have to give public funds to a private business, even as a "loan", Mr. Tucker?
Why did all of the Republican congressmen from Tennessee, except Congressman Wamp, vote "NO" on this bailout, Mr. Tucker? There was even a Democrat who voted against it. We won't even mention either of the senators. Both of them strike me as big business types.
The way my husband and I feel right now it's a good thing we don't live over there yet. We're pretty mad about this finance deal, but we're pretty mad at some of our North Carolina folks, too. I suspect some of them may be going back home soon.
To defend a friend when he or she is right is one thing. Any decent human being should be expected to do that. To defend a friend when they are wrong, and defend them as if they are right, is just plain wrong.
Mr. Tucker needs to stop and take a few deep breaths before jumping to conclusions about others. Mr. Tucker also might stop to think about where his paychecks came from - whose sweat it took to earn that money.
I know whose sweat earns Roy Burrage's money and, all sarcasm aside, it isn't someone else's, nor is his sweat as rare as he might like others to believe. If he hasn't received any money in the first few days of this month, it's probably due to one of three reasons; he hasn't felt like working and took a couple of days off, he hasn't billed anything because he is working on something else, or he hasn't checked his mail. But since it usually takes people like him 30 to 45 days to get paid for work they have done or some product they've sold, I suspect he just hasn't checked his mail.
So before Mr. Tucker tells anyone they need to get out and work harder he needs to understand there are people who have been there, done that, and have scars and wrinkles to prove it. It's nothing more than foolishness to look to those who made a mess of things for a solution to clean it up. Or, to use the analogy of Neal Boortz on the radio, it's the same as having two wolves and a sheep voting on what's for dinner and inviting another wolf to the party. Roy may have a sarcastic wit, but he will not hold anyone's feet to the fire who doesn't deserve it.
Would any decent person defend a friend who was caught on tape robbing a bank? What's the difference between robbing a bank and mortgaging my children's, and their children's, futures so some fat cats can keep their big corner offices, expensive cars, and nice cushy salaries?
Can you explain that to me, Mr. Tucker? Better yet, can you explain that to my grandchildren? They are the ones who will be paying for this mess.
Barbara Fields
Stallings, N.C.
Barb1217@bellsouth.net
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