The Trillion Dollar Bailout

Wow, I really didn't see this coming. The Fed and President Bush in all of their wisdom are now proposing a complete bailout of Wall Street and just about every greedy soul who was involved in and profited from the housing bubble. The cost to taxpaying Americans for this will be enormous, probably in excess of 1 trillion. Here is my response to this bill in the form of an email I sent to my Senators:

Senator Sessions,

I just wanted to clarify my understanding of the bailout plan currently being proposed by President Bush, Mr Paulson and the Fed. I know this is a large, complex and unprecedented situation, but this is how I understand the root cause and proposed solution in very simple terms:

1. Wall Street investment banks decide to loan anyone who could fog a mirror money without checking if they could pay it back (an make a huge profit in doing so)
2. Some mortgage broker and REALTOR talk Joe Walmart employee into buying a home he can not afford (and make a huge profit in doing so)
3. Joe stops paying his mortgage because he can't afford it
4. The bank loses money because Joe is not paying back his loan
5. The government steps and uses taxpayer money to buy the bad loan from the bank so they don't lose any more money
6. The government uses Fannie Mae to write down Joe's mortgage by 50% so he can afford to stay in the home he should have never bought in the first place (Joe gets a house at 50% off complements of the US taxpayer)
7. Average responsible American taxpayer foots the bill for all of this

What I don't understand is how the any politician, and in particular Republicans, can justify spending what could be over a trillion dollars of taxpayer money to bailout Wall Street and individuals who made poor financial decisions. Please support me and thousands of other average taxpaying Americans by voting NO on this bailout!

Respectfully,