Published: October 01, 2008 04:49 pm            

ECONOMIC CRISIS

Dear Editor



Congressional leaders hope to have agreement on the massive Wall Street bailout package by Monday the 29nd.

This package contains$700,000,000,000.00 of Taxpayer money, and this package does not include the $300,000,000,000.00 for the bailout of Fannie Mae and Freddie Mac which was passed in July 08, and called The Housing and Economic Recovery Act of 2008, not to mention 85 B for the AIG bailout!

Add these numbers together and you get 1 TRILLION 85 B dollars, that's a lot of taxpayer money! This did not happen over night, It took decades to get to this point. All the blame does not fall on 2 or 3 greedy CEO's on Wall Street, our U.S. Congress has oversight over these financial institutions, however they were busy investigating steroids in baseball, passing out earmarks by the hundreds of millions of dollars, and investigating why Bush fired 6 or 7 prosecutors. Those members of congress who had oversight responsibilities, without exception all received major political contributions from those institutions they were suppose to be overseeing.

I hope you will join me in writing our representatives and senators and demand a special prosecutor to investigate what and who caused this situation. If there were any laws broken someone needs to be in prison, if its incompetence of our elected officials, we need to know their names, and what part they played in it.

Jerry Phillips

Athens Tx.

        

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