Secretary Paulson, please send us an itemized list so we can get a handle on what you have eluded to as, a pending catastrophe if Congress doesn't give you $700.000.000.000 to go on a shopping spree.
I find it strange, Secretary Paulson, that you persist in referring to the items that you wish to purchase 
with $700,000,000,000 as "assets". Further, just whose "assets" do you intend to purchase with this $700,000,000,000?
I know what my assets are; real estate, a vehicle, household goods, sports equipment, equities, business equipment, copyrights, electronics, cash, cash flow, a gazillion web sites and probably some other things that have value. I'd love to "deleverage" my "assets" as you wish to arrange for the guys on Wall Street.
If you do get the $700,000,000,000 and you find that it is a tad more than you need, I would love for you to send a chuck of that money my way so I can pay off my mortgage. It's my only debt and, seems to me, that if I pay that off, I could buy another piece of real estate or other "asset". That type of "asset" I understand.
The thing that is so confusing is that the "assets" you persist in telling us that we must buy appear to be intangible. Excuse me Sir, but $700,000,000,000 of intangibles may be a bit much. I know that if any American tax payer invests in more "assets" than they have income to pay, I would be in bankruptcy. I haven't yet seen any explanation as to why the remaining companies in trouble choking on worthless MBSs that they probably don't even know which drawer they're in, don't just file a chapter 11 and sell these "assets" to the highest bidder. Or, are you telling us that these "assets" have no mark-to-market value. And, by the way, when and if you do buy these "assets", who will do the valuation????
I know that a lot of Wall Street folks might lose jobs if this doesn't go through. However, since they make an average $550,000 each, including the Secretaries, surely they have significant savings. I know the CEOs pay is about $15,000,000. I'm sure they put a little aside.
Perhaps you would consider some other names for what it is you wish to by with $700,000,000,000. I could suggest that the American tax payer and a few Congressmen could get a handle on this request if we were told we are buying a position in the financial Wall Street entities that new hold these "assets".
I thought that one of our Senators would ask my question, "what do you mean by "asset", in the hearings all over the TV today. Unfortunately, all I could grasp was "blah, blah, blah".
Now, I'm not sure that the American tax payer wants to take an ownership position in companies with balance sheets in the red. Nor, do I believe that the American tax payers are particularly interested in buying into companies that are so badly managed that they purchased a sufficiency of worthless paper, those pesky MBSs, that they can no longer meet their payrolls. Did you obtain an appraisal for the "assets" that you wish to buy for $700.000.000.000? Being somewhat familiar with corporate financial statements, I understand that a liability can quickly be turned into an asset by the Wall Street folks. However, I fear that, included in the valuation of the "assets" you wish us to buy will be "stuff" that turns a mark-to-market valuation into a fair market value estimate which could include, not don't take this wrong, Good Will. Seems to me that the folks who spawned the mortgage mess that has wrecked the mortgage industry and the real estate industry can't put a lot of value on Good Will.
I have another idea. Why not just insure these "assets" and auction them. That's what would happen if I default on my mortgage. Of course, that won't help the Wall Street folks, but no one is going to come to my rescue if I default or lose all liquidity. Loss of liquidity is a real possibility for any real estate broker when the results of the perfidy involved in the mortgage mess has significantly reduced our income. Didn't you get my note requesting a mere $1,000,000 to tide me over until I could establish more "liquidity"?? Perhaps not. Check your mail box.
It would be greatly appreciated if you would get back to us with a list of the "assets" you wish for use to buy. My share of that $700,000,000,000 is going to be about $10,000 for the first installment.
So, I believe that I and all American households are entitled to a detailed list of the "assets" you wish to buy. Also, if you don't mind, please have it in alphabetical order. I'm sure that a list of "assets" that will cost $700,000,000,000 for the first installment will take some time to ponder.
I look forward to hearing from you.
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