I RECEIVED THIS RESPONSE FROM SENATOR KOHL TODAY TO A LETTER I WROTE TO HIM . MY COMMENTS ABOUT HIS RESPONSE ARE IN RED. I'M STILL DECIDING WHETHER TO RESPOND TO HIS LETTER WITH SOME OR ALL OF THESE COMMENTS ATTACHED. MY GUESS IS AT LEAST SOME OF YOU FEEL THE WAY I DO. BY THE WAY, SENATOR RUSS FEINGOLD VOTED AGAINST THIS BILL....WHAT DO YOU THINK?October 8, 2008
Mr. Gregory Warner
901 Watson Avenue, Suite 141
Madison, Wisconsin 53713-3285
Dear Mr. Warner:
MY COMMENT: WELL, MY SEX & THE SPELLING OF MY NAME IS CORRECT.... Thank you for contacting me about the nation's financial
turmoil and the efforts of Congress and the Administration to
stabilize the economy. I appreciate hearing your views on this
very important issue.
MY COMMENT- NO YOU DON'T- IT TAKE A LOT OF TIME TO REPLY TO ALL OF THESE...... I am gravely concerned about the economic difficulties
facing Americans. Homeowners are losing homes, communities
are losing
tax revenue as foreclosures rise, banks are rapidly losing
money and our credit markets are freezing up.
Wall Street and
Main Street rely upon each other to function properly and the
federal government has now been forced to intervene to help our
economy and communities get back on track.
MY COMMENT: THE ECONOMIC CRISIS HAS CAUSED THE CORPORATE SPECIAL INTEREST & CAMPAIGN FUND PIPELINE TO FREEZE UP.... We cannot allow this crisis to worsen and bring down the
nation's economy. The well-being of ordinary Americans is at
stake, with our jobs, lifesavings, homes, college funds and
retirements on the line. For this reason, I supported the Emergency
Economic Stabilization Act of 2008.
MY COMMENT: BAD MOVE HERB-SEE HOW WELL IT WORKED? THIS PLUS ANOTHER $800 BILLION AND A 1/2% DROP IN THE PRIME & DISCOUNT RATE-STILL AIN'T DOING IT....MARKET DOWN 200 POINTS TODAY.... The stabilization package is intended to restore liquidity
and confidence in our markets, provide relief for homeowners,
hold Wall Street accountable, and protect taxpayer dollars. It
creates the Troubled Asset Relief Program (TARP) in the
Treasury
Department, which will purchase impaired assets from financial
institutions, restructure or modify these assets, then hopefully re-
sell them for a profit. The Treasury Department is authorized to
use $250 billion immediately and upon written request from the
President, can use up to $700 billion to maintain TARP.
MY COMMENT: WHERE IS THE OTHER $800 BILLION THE FED IS USING TO PURCHASE COMMERCIAL PAPER COMING FROM? (THE ADDITIONAL $800 BILLION CAME UP BETWEEN MY LETTER AND THE SENATOR'S RESPONSE...) The bill passed by Congress is much improved from the
original Administration proposal. It establishes the Financial
Stability Oversight Board to monitor and regulate the newly
created program. The board will make recommendations to the
Treasury Department and hold the department to the principles and
guidelines laid out in the bill. Furthermore, the bill directs federal
agencies holding mortgages to work with homeowners to minimize
foreclosures.
MY COMMENT: IMPROVED BY $110 BILLION IN EXTRA SPENDING TO BUY VOTES IN THE HOUSE..... Additionally, Congress included several layers of
protection to ensure taxpayers receive a good return on our
investment. The Treasury Department will receive equity stakes in
companies selling troubled assets, allowing taxpayers to share in
future profits. If the taxpayer investment has not broken even
within five years, the President must submit a plan to Congress to
recoup these losses from the financial industry.
MY COMMENT: $440,000 TRIP TO EXCLUSIVE SPA FOR AIG EXECUTIVES DAY AFTER GETTING $85 BILLION FROM FED... I am particularly concerned with the reckless behavior of
Wall Street executives who allowed greed to control the
management of their companies. Those same executives who put
our entire economic stability at risk - who asked us for help -
complained when Congress decided they needed to be held
accountable for their actions. I am pleased to say that Congress
ignored their objections and included limitations on
executive
compensation for those firms selling troubled assets to the federal
government.
MY COMMENT: $1 MILLION PER MONTH "CONSULTING" CONTRACT FOR AIG EXECUTIVE.
PERSONNEL HIRED TO ADMINISTER BAILOUT WILL PROBABLY BE FORMER EMPLOYEES OF THE WALL STREET FIRMS THAT CAUSED THE PROBLEMS... However, I would still like those most involved in this
crisis on Wall Street to come before Congress and explain to the
public what role they played in this mess. I think they owe us all
an apology. They should also explain what they plan to do in the
future to make sure we never end up in this kind of crisis again.
They should tell us what regulations they think are necessary to
avoid another crisis. It is the least they can do in exchange for the
risks the American people are about to absorb on their behalf.
MY COMMENT: WALL STREET EXECUTIVES ALL TESTIFY-"WE'RE SORRY, BUT NOT SORRY ENOUGH TO GIVE BACK THE HUNDREDS OF MILLIONS WE'VE BEEN PAID TO RUN THESE COMPANIES INTO THE GROUND.... This was not an easy vote and I am disappointed by certain
aspects of the bill. I believe we should have included additional
financial regulations to restore the public's confidence in
Wall
Street and make sure this never happens again. I am also
disappointed that this bill did not include stronger provisions to
help homeowners facing foreclosure and to get at the root of the
crisis. Regardless, we cannot let the perfect be the enemy of the
good, which is why I ultimately supported this legislation.
MY COMMENT: DISAPPOINTED BECAUSE THE VOTERS WILL HOLD YOU RESPONSIBLE NEXT ELECTION ? OR BECAUSE HOMEOWNERS DON'T HAVE THE MILLIONS CORPORATIONS DO FOR CAMPAIGN CONTRIBUTIONS..... Many people have expressed concerns about other
provisions approved with this legislation. The economic
stabilization legislation was attached to a bill extending a series of
existing tax breaks that were expiring at the end of the year. These
provisions had been voted on and passed previously by both the
House and the Senate, but differences between the two bills kept
these extensions from becoming law.
MY COMMENT: ENERGY CONSERVATION & DISASTER AID-GOOD, TAX BREAKS FOR RACETRACK OWNERS, RUM PRODUCERS & WOODEN ARROW SHAFT MFG- BAD.......I SMELL BACON FRYING! Again, thank you for sharing your thoughts with me on this
critically important issue. I have heard strongly held views from
many constituents on this legislation, and this was a difficult
decision for me to make. If I can be of assistance to you in the
future in any other matter, please do not hesitate to contact me.
MY COMMENT: YOU BLEW IT SENATOR! Sincerely,
Herb Kohl U.S. Senator
