Bailout backlash: Letters to Congress

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Blogger’s note: This is an edited version of a previous post. The editing change is explained below.

On the topic of letters to Congress, commenter Bobc writes, ‘Let the world see your letters.’ This blog is happy to help by publishing letters and emails to Congress. Feel free to submit them as comments.

Below is the letter a commenter* sent to both U.S. Senators from California:

‘Honorable Senator Feinstein
750 B Street, Suite 1030
San Diego, CA 92101

‘Dear Senator:
‘I feel I must express my outrage that a taxpayer-funded “bailout” for the huge financial institutions (e. g. banks, Wall Street investment firms) is being considered by Congress. These corporations made their billions by entering into mortgage contracts with full knowledge of the risks involved. That the gamble has not played out in their favor is just too bad. Even with these sour loans, none of the banks will fail. Their assets are far greater than the loan amounts they actually hold because the banks sold the vast majority of the loans to Fannie Mae or Real Estate Investment Trusts.

‘Do not be seduced by Wall Street lobbyists telling you that “the sky is falling” – nothing could be further from the truth. I bought my home because the previous owner sold short. Many other potential homeowners are waiting for the same type of opportunity. As irresponsible borrowers walk away from foreclosures, those of us saving our pennies are eagerly waiting for the chance to invest in our own futures.

‘Sincerely ...’

For the record, this is an open forum -- if you write Congress supporting a bailout, I’ll publish that too.

*Why was the post edited? The original version was signed by a commenter using a fictitious, and humorous name. This version strikes the name, which the curious can find in the comment thread.
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