To George W. Bush: Thank You for the $700 Billion Bailout

Dear President Bush:

Your [passing of the Bailout bill] signals that you are completely out of touch with your core constituency. You and most of your colleagues probably never took a REAL economics class in college, but I would have expected you to at least look at what nationally recognized economists are saying about this bill.

Over 200 top economists across the world voiced their opposition to this bill this past week, yet somehow…terrified by threats coming from a lame duck President, that [Congress] chose to max out our nation’s credit card yet again. Mark my words, this plan will fail miserably because it fails to address the root causes of the problem: transparency, trust, (over)leverage, and OTC derivatives.

Had the [Congress] actually researched other plans and held more comprehensive hearings where the Treasury Secretary and Fed Chairman weren’t the only ones presenting the case, your colleagues could have developed a better plan. Anyway, this letter is probably going to fall on the same deaf ears that refused to acknowledge the wishes of their state’s citizens.



6 thoughts on “To George W. Bush: Thank You for the $700 Billion Bailout

  1. Ha, this nation maxed out it’s credit card loooong ago. Too bad they don’t have a debit card instead.

    And I agree, most politicians don’t understand economics. I would like Bush to tell me how the basic PPF model works or the effects of price floors and price ceilings on the economy.

    Too bad we don’t have Ron Paul…..

  2. Ron Paul said his view on the matter and voted NO as a man of principle. This revised bailout is worse as it was able to get passed when it incorporated dozens of pork barrel spending and earmarks to entice several Members of Congress to switch to a “Yay” vote.

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