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Isaiah Matos’ Response to Representative Carolyn Maloney’s Defense of the Wall Street bail out.

October 3, 2008 1 comment


            This past Monday (September 29th, 2008), the people, for the first time in a very long time told their Government they had enough. What happened? Well, after years of using fear in order to stir up popular support for detrimental legislation, the people decided they have had enough. A record number of calls and e-mails went out to the Congress, urging the membership not to pass legislation using 700 billion dollars worth of tax payer funds to save Wall Street from its own mistakes.

The doomsayers in the administration, the congress and the media all told us the world would end without passage of this bill, they used fear to ram this bill through, just like they did with the patriot act, FISA, and the Iraq War. It didn’t work. You didn’t believe the Cassandra’s and the bill went down in flames…barely.

Today, Friday October 3, the bill is back on the floor, and some in Congress wish to defend the indefensible. Case in point; my opponent and incumbent for the 14th district of New York, voted “Yea” in favor of this bill after receiving calls in the realm of 9-1 against the bill from her constituents. I know, I called, and I urged everyone I know to call. Yet, in Carolyn Maloney’s infinite wisdom, she decided to vote for this bill, contrary to the will of her constituents, and then defends this decision with fables and economic ignorance:

Let me be clear and then make a few observations. This country is broke; we are 10 trillion dollars in debt as a result of the expansionist inflationary economic policies of the last 50-60 years. No politician will say this to the people. They need inflation to pay for all the promises they make to get votes. One such promise was the Community Redevelopment Act, with new regulations by former President Clinton and the Democrats, which is the primary cause of this housing bubble and its eminent collapse.

Now Maloney and her cronies want to shove this bill down our throats because she is “concerned that if we do not act, the alternatives could be much worst.” The key word is “could.” Maloney’s judgment has proven faulty before, as when congress was bullied into supporting a war through fear mongering. She was no leader of opposition then, and she certainly is not on now.

Maloney says “On Monday alone, we saw the largest point drop in the history of the Dow, erasing more than $1 trillion in market value.” That drop alone constituted 777 points, 500 of which were regained the next day. The price of gold (and inflation barometer) has declined without the bail out, and the dollar has gained strength. This is the market correcting itself from the bad debt that needs to be liquidated from the economy.  These are actually good things. If the government continues to prop up the bad debt then we will suffer much worst in the long run. This bail out plan could be the straw that makes the Dollar crash. Maloney, who sits on the House Financial Services committee, should know this. Maloney either believes she is smarter than the people who vote for her, or has some special interest tied up in this deal. My guess is both.

Today, the bill went back to the floor for a vote, this time, with so-called “sweeteners” to have some representatives change their minds. These “sweeteners’ are nothing but bribes, and it is a sham to even let this bill go back to the floor with so much pork. It is downright disgusting. This bill should not have passed, Constituents should pass Maloney’s name in the voting booth, along with any other elected officials who voted for this bill despite popular support opposing it.