Thursday, October 02, 2008

Note To Congress

To the honorable Congressman Gary Miller,

Yesterday, the Senate passed a bill that would impose a significant burden on our great-grandchildren. I implore you to take action to block this bill in the House. The argument that this bill is better than not acting at all is spurious at best. I'm not asking that congress avoid the problems facing our nation today. I'm only suggesting that there are options which are better for the nation that do not carry with them a price tag of such enormous proportions. Look at the alternatives! Look at the alternatives! Please, look at the alternatives.

Why are we going through with this plan that many financial gurus suggest won't fix the problem? Why are we just going along with a bill that leads to a fundamental change in our financial system?

Speaker Newt Gingrich suggested an alternative to this $700 billion bailout plan. (1) suspending immediately mark to market provisions (the accounting practice of valuing a financial position in an investment at its current market price) in the hopes of stopping the downward spiral in asset values and eventually replacing it with a three year rolling average; (2) repealing immediately Sarbanes-Oxley, the 2002 accounting law Gingrich described as "an enormous drag on small business"; (3) setting the capital gains tax rate at zero "matching the Chinese and Singapore" (to encourage private capital to flood into the market picking up properties without the taxpayers being at risk); and (4) passing an "extraordinarily powerful" energy bill ("to return $500 billion a year to the American economy that are currently going overseas")

I beseech you to consider that there are alternatives that are a lot more than "doing nothing". These alternatives will not pose an extraordinary burden on generations yet unborn. Some of these alternatives will place the United States in a better strategic position with the rest of the world.

Kindest Regards,

Michael Gibson
Post a Comment