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.