I am writing to you to urge you not to pass the $700 billion financial rescue plan. This plan is short sighted and does not present a solution to the fundamental problem behind our current financial situation – which lies with Main Street, not Wall Street.
I don’t mean to imply that Wall Street is without blame, they’ve clearly taken advantage of the liberal financial policies of the American family, but bailing out Wall Street will do nothing to set the US back on track to family fiscal responsibility. This is what our fundamental problem is – living beyond our means, buying today what we’ll spend the next 30-40 years to pay off. What Americans don’t realize is that we’re all part of the problem; it’s our lifestyle of excess that has got us into this situation. If it weren’t for our company sponsored retirement plans, how many of us would truly have any savings? We bicker about the rising cost of healthcare, and constantly see stories of the financial strain caused by the rise in healthcare, but really, how many of us are prepared? Not many and that’s our problem.
I’m not saying we shouldn’t do something about our current situation, but providing access to more loans and more debt only extends the problem into the foreseeable future when it will inevitably come back to bite us. What we need to do is focus on the underlying problem which is the American people not paying their debt.
Ultimately, what I want are alternative solutions. Don’t give me a $700 billion rescue plan – we can do better than that.
Thanks for your time,
Having been introduced to differing managing styles, I've found that the most fruitful are those that follow an Ideo style strategy in brainstorming in which, ultimately our collective ideas are always better than our individual ideas. Thus, I propose an Ideo style brainstorming session, because I’m certain our collective wisdom will produce something better than a $700 billion bailout.
Here are my ideas:
1. We need to put an end to bankruptcy, or if as a nation we can’t stomach actually having to pay our debts, put a hold on foreclosures and keep these people paying their mortgages.
2. Get rid of the early 401K withdrawal penalty, because as people near financial desperation we shouldn’t be penalizing them for wanting to pay their debts. We shouldn’t penalize people for tapping their last resource before filing for bankruptcy. Not to mention they’ve already taken a beating in the market, what’s the purpose of hitting them a second time?