Accountablity Needed in Bailout Plan

Congress has been handed the overwhelming task of deciding the fate of our economy. In regards to the Treasure Bailout Plan proposed by Secretary Paulson, there are several things to keep in mind. First, the potential cost of this deal, especially to the taxpayers, is drastic. Congress must come up with an effective plan that is mindful of its taxpayers. A large increase in taxpayer support will drastically limit the fiscal programs of our next president. And, why should theses losses be borne by taxpayers instead of the shareholders and debt holders? It’s time the CEOs of these companies need to be held accountable. Justice must be served. It is unfair for these executives to continue to enjoy the luxuries of second homes and expensive cars when the taxpayers are carrying the burdens of their mistakes.

When deciding on the best plan of action, Congress and the Bush Administration needs to seek a solution that promptly restores stability to our economy at the lowest cost to the taxpayer, that holds those responsible for such huge losses accountable and a plan that address the root of this crisis—the price collapse in the residential real-estate market due to a lack of government regulation on mortgage and lending companies.

I urge you all to send a letter to your senators and state representative. To find out who your state representatives in Congress are, visit www.votesmart.org. We need them to fight for the taxpayers of California and push for corporate accountability. And the urgency of this matter is paramount. Now is a time for all members of our Congress to put party politics aside and unite for the betterment of America.

“Wall Street lives on as a capitalist symbol, but the new inhabitants of its bricks and mortar have reduced its reality to an echo." --Wall Street Journal Sept. 25, 2008