IVA Action Alert: "No" on bailout

The Idaho Affiliate of the American Family Association

Monday, September 22, 2008

Bryan Fischer, Executive Director

IVA ACTION ALERT: CALL REP. SIMPSON, SEN. CRAPO TODAY: NO BAILOUT

Please forward this Action Alert to every concerned citizen you know in Idaho.

The current crisis in America’s financial industries has been created by the federal government. At its root is a Clinton-era directive to mortgage lenders to make race-based loans to non-credit-worthy customers under threat of punishment from the federal government.

Banks were directed to ignore historic yardsticks such as credit history, sources of income and amount of down payment and ordered to underwrite risky loans or face potentially crippling class action discrimination lawsuits.

These loans defied common sense, fiscal prudence and every standard banking practice.

Artificially low interest rates, created by the Federal Reserve, added to the problem by giving lenders another incentive to make logic-defying loans.

It is thus no surprise that defaults are occurring in alarming numbers.

Now, President Bush and Congress are planning to bail out America’s financial industry for these foolhardy loans by placing a $1 trillion brick in the backpack of America’s families, a bailout that will mortgage your future, your children’s future, and your grandchildren’s future.

It will, in one fell swoop, triple this year’s federal deficit, already at a record $500 billion, and balloon the already stupendous total federal debt to a stratospheric $11,000,000,000,000, which represents $36,667 in debt for every man, woman and child in America.

Worse, Treasury Secretary Paulson said over the weekend that he wants American taxpayers not just to bail out American banks but foreign banks as well.

It is time for the Idaho’s taxpayers to rise up as one and say, “No, no, a thousand times no!”

At last word, Idaho’s Rep. Mike Simpson is planning to vote for this bailout, and Sen. Mike Crapo is tilting toward it as well. Of Idaho’s congressional delegation, only Rep. Bill Sali is holding the line to protect Idaho families from this effort by federal officials to force you to fix the problems of their own making.

Time is of the essence. Please call today since this bailout is on the fast track.

Please call Rep. Mike Simpson and Sen. Mike Crapo at 202-224-3121 and leave them a simple message: “Please vote ‘No’ on the taxpayer bailout.”