Following is an e-mail I sent to the Representatives and Congressmen from Wisconsin. I have not received any response. Are they ignoring this situation? I suggest everyone write their representatives until we receive the answers we deserve. Fell free to copy this and send it to your representatives.
Is it true that 100 billion dollars from the economic relief fund is missing? Where did this money go? Where are the records? I find it hard to believe this money was given to financial institutions that do not have records and can not tell the American people what this money was used for.
Past reports have made it clear these same companies created this situation by loosing billions of dollars on financial bets. Nothing short of gambling. It has been reported that at some of these people responsible placed bets that the company they were paid to run would fail. This is highly unethical and I can not believe our elected representees chose to give these same people billions of dollars more. You do not give a gambling attic money without holding them accountable for every single dime.
I have personally taken the time to call 10 local banks and credit unions in the Milwaukee area. Between the 10 of them there are only 4 current foreclosed properties. Three of these banks have never had a loan go into foreclosure. None of these banks have been offered a dime from the government. I suspect if you have all of the facts and figures you would find the institutions the government is bailing out hold about 30% of the US mortgages. Since estimates show the US presently has 20% of loans in foreclosure, the institutions being bailed out have approximately 66% of their loans in foreclosure. Why is the government trusting these failed institutions with all of the money meant to stimulate our economy? It would seem to me we would be much further ahead trusting these smaller banks and credit unions with the money. If I was to invest money I would feel much more confident investing in companies that have a proven track record. I would never invest my own money in a company that has proven poor leadership and exhibit obvious problems. The institutions that have failed will never be able to help this economy improve.
On November 13, 2008 a spokesperson for the failed institutions admits that, "we have failed in the past and it will take time for us to determine how best to lend this money." Why is the US government dealing with institutions that admit they do not know how to loan money? Why doesn't the government immediately cut the losses and invest in the small banks and credit unions with a proven track record?
I can tell you one thing with certainty. The American public has already spoken. Confidence is at an all time low. If things do not immediately improve, there will be a grass roots effort to clean up government that will make the President Obama effort look like a kids club meeting in a tree house.
DO SOMETHING NOW!!!!!
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