Vol. 20, No. 5,013 - The American Reporter - July 2, 2014




by Joe Shea
American Reporter Correspondent
Bradenton, Fla.
Ocftober 2, 2008
The Willies
LET CONGRESS PAY YOUR BILLS

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BRADENTON, Fla., Oct. 1, 2008, 7:42PM EDT -- In the last two hours, I have sent the versions of the following letter to Sens. Obama, McCain, Clinton, Dodd, Biden, Kerry, (Mel) Martinez and Nelson. I have contributed to all but Martinez, who is my U.S. Senator. I told them each the same thing:

The bailout is a terrible mistake. It will fail. But if you need to pass this bill, don't worry so much about "protections" for the American taxpayer that won't be fulfilled for years, if ever, but on concrete benefits for us today.

Please feel free to copy, borrow or rewrite this note, but send it quickly to those Senators you can reach by fax. Any US Senate fax number is available here. These fax numbers do answer.

Don't waste time - they will vote in a couple of hours.

I hope you will joing me in demanding that US Taxpayers get something back for the tremendous sacrifice they are making and the terrible economic suffering tens of millions of us have already endured.

Here is the letter:

Oct. 1, 2008

U.S. Sen. Hillary Clinton

United States Senate
Washington, DC 20510

By Fax To: 202-228-0282

Dear Sen. Clinton:

I am a Manatee County, Fla., DEC member, a $100 contributor to you in 2008, and an admirer of your career. I want to tell you that your support of the bailout bill is a terrible mistake.

The need for money on Wall Street can never be met in the "small" increments that are proposed. While the markets will recover briefly after the $700-billion injection, they will soon decline again and they will cry out for more money. We are feeding the fire, as it creates an imbalance in the system that enables healthier creditors to demand payment and forces debtors to seek more cash to make payments, a downward spiral that inevitably ends as both sides fail.

I urge you to vote "No" on the bailout. However, to maintain the support of voters like myself and my family, please worry less about future "protections" for taxpayers and more about concrete benefits for taxpayers today in the bailout legislation offered. In the past, you have not tried to limit credit card rates and late payment and overlimit fees. Now, you have that chance.

The amendments below seem trivial, but the alternative is often tragic and debilitating. Banks reap $22 billion a year from credit-card holders for no true value received. These payments can be the straw that breaks the camel's overburdened back.

Please seek these changes in the bailout bill:

1. Cap consumer credit card rates at no more than 9%;

2. Cap late payment fees at 1% of the late balance or $5, whichever is greater;

3. Cap overlimit fees at 1% of the overlimit charge or $5, whichever is greater;

4. Cap bank overdraft fees at 10% of overdraft amount or $5, whichever is greater;

5. End the practice of suspending credit lines when a borrower's other credit lines are suspended.

I know you are more easily persuaded by bank and VISA/MC lobbyists than by little people like me, but I assure you that every lobbyist in the United States could not guarantee your political future as assuredly as any American family can.

If you do not get something concrete for us out of this deal, you will lose our support and probably will have sacrificed your political aspirations to the irresistible greed of Wall Street.

Don't make that mistake - go to bat for the little guy in a way that matters every day!

I know you are more easily persuaded by bank and VISA/MC lobbyists than by little people like me, but I assure you that every lobbyist in the United States could not guarantee your political future as assuredly as any American family can.

If you do not get something concrete for us out of this deal, you will lose our support and probably will have sacrificed your political aspirations to the irresistible greed of Wall Street.

Don't make that mistake - go to bat for the little guy in a way that matters every day!

Your Friend,

Joe Shea
941-753-1136

Please, dear readers - act now!

Joe Shea is Editor-in-Chief and founder of The American Reporter, the first blog ever created on the Internet, and also its first original-content wire service and online daily newspaper since April 10, 1995.

Copyright 2014 Joe Shea The American Reporter. All Rights Reserved.

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