Bailouts, Credit Card Interest Rates, Congress

Like most of you, I am getting angry about the bank?credit card company solution to paying back their bailout money. They expect us the consumer to pay ourselves back our tax money that we "lent" to them, so they could get out of the poorly managed situation.

Frustrated with the government's response or lack of, I decided it was time once again to get a letter off to Capital Hill. The letter to my representatives follows. Pleas feel free to us all or part in writing to your own representatives. We the people need to run the government, not the banks. Let's make sure that those we voted into office clearly understand who they are working for.

Its Common Sense!


Dear Senator,
As you know there has been a lot in the news recently regarding banks/credit card companies increasing their fees and interest rates. A spokesperson for the industry stated that the reason for the increases is so the banks/credit card companies can repay the government as quickly as possible.
Here is my confusion. The bailout money is our tax dollars. The banks are expecting us to pay back our tax dollars. Where is the bank's/credit card companies' responsibility in all of this? I have seen nothing about executive salary limits, elimination of bonuses and other perks. I saw the President meet with the various CEO's but did not get the impression that any of them were going to change the business practices.
Therefore, what I want to know is just what conditions, restrictions and protections you and the rest of Congress put into place before sending out the bailout money?
From what I have seen thus far it appears that nothing was done to protect the US taxpayer. Our money (and the tax dollars of the next two or three generations) was carelessly thrown out to various financial institutions with a smile and a "we know you'll do the right thing."
Frankly, I am very disappointed in the current Congress. First you send out a trillion in bailout. Then you pass a budget that is full of pork, come on railroads from Disneyland to Vegas, give me a break. Now there are rumors of even more bailouts to the banks.
It needs to stop. The taxpayers need relief. Those of us who are employed can only take so much. I know the President has promised no new taxes. Maybe from the federal government. But have you noticed that state taxes and fees are on the rise? Going to the grocery store has become more expensive because growers and sellers have more taxes and fees to pay.
What is needed is a just tax plan. Do not give me back $20.00 a pay from federal income tax, when the state I live in has doubled the price of license registration, increased property taxes, as well as the state income tax.
What we need to see from Washington are concrete solutions. We need to see the banks/credit card companies, and other industries held accountable. Why not inform the banks that CEO's need to cap their salaries at $400,000.00 a year, just like the President of the United States? That left over salary money would go a long way to paying off the bad debt the bank acquired when they were being greedy going after mortgages.
Do not talk in generalities. We do not need more feel good phrases that mean nothing. We need Congress and the President to take charge, hold those who screwed up accountable (I am tired of hearing that the employees at AIG most responsible for that company's collapse are the ones they can not afford to let go. There is no such thing as irreplaceable; there are probably at least ten overly qualified candidates for every position at AIG and the other financial institutions who can do better at a lower cost.)
Help us now! Take action! The American public needs to be protected. If the current Congress can not provide us with the support and protection we need, then come the next election we will have to review other alternatives.
Thank you.