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LETTER: Bailout will not improve economy

Friday, October 10, 2008 | 5:07 p.m. CDT

Robin Hood was considered an outlaw because he robbed the rich for the poor. What do you call the rich who rob the poor for the rich? This is what the $700 billion bailout for the rich is doing.

This problem was caused by President Bush influencing the Federal Reserve to lower interest rates so low that too many people were enticed into borrowing money for homes that they couldn't pay back as too many jobs were out-sourced overseas because of Bush's free trade, which put our companies at a disadvantage. We need fair trade. We must hold those to blame or this will continue to happen. The large financial institutions that let their C.E.O.s rip off millions are also to blame.

This bailout will not improve our economy. In the long run, it will further devaluate the dollar and cause more inflation, which will hurt those who didn't have bad loans or money on Wall Street. To keep this from happening again, we must improve our election system so common sense people can be elected who know the value of the dollar and won't be influenced by the money interest. Our election system breeds corruption.

Some improvements would be:

1. Use public finance money only to level the playing field.

2. Set term limits for Congress at one or two terms.

3. Abolish the electoral college, using popular votes instead.

4. Abolish all paid lobbyists from our system.

5. Declare election day a holiday.

6. Require all voting machines to have backup paper records.

Also, people on Main Street have to live within their means. Too much credit buying will cause inflation and financial problems.


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Comments

Charles Dudley Jr October 11, 2008 | 5:09 a.m.

Just look at Wall Street since they signed the Bill. There is no faith in the economy and the signing of that Bil put no faith in the economy.

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