Dear Senator,
I very concern about how the honest hard working tax payer is being treated. Here's my personal experience.
I have four business all tied to the real estate industry (stupid me huh!). I have not asked nor do I want a bailout. However, I was told that we the taxpayer must provide a bailout to Wall Street or it would hurt us.
Golden Sachs now making billions because of receiving billions of bailout money (so they should be able pay it back, right?). Others to follow.
OK, at first it seems to make sense (the first week). But after gathering more facts and especially what happened this week. I now know more than ever bailouts are cancer (bankruptcy is the cure) and a big mistake.
Here's why I believe that way.
I have (had) a line of credit that is critical for my businesses future. Chase Bank forced me to re-qualify for this line of credit secured by my home. I have never been one day late with a payment. Still after four years of perfect payment history and 800 credit scores.
My credit line has been pulled, which effectively is disabling my businesses even further. I relied on that for bidding future projects and strategic planning. I feel there should be a reason to require a 4506T be completed i.e. a late payment or a dropping credit score.
I would like to have someone explain to me the following questions.
Why is the taxpayer forced to keep banks in business so they can put us out of business?
Why are banks lines of credit supplied by the taxpayer not being pulled? I think they should be treated the same way they are treating us.
I still don't want a bailout and I'm not going bankrupt. I will manage and I will survivor this crisis by becoming even leaner in my businesses and even moth balling another one of my companies. One already is moth balled.
I feel I have been lied too and made to privatize profits and socialize loses.
This mess was caused by the governments lack of and failure to regulate the financial industry which allowed the banks to take advantage of the failures (set the table with unsustainable underwriting and leverage, then invited everyone to feast on the attractive buffet) and then be bailed out by us.
Leaving the taxpayer to clean up the mess and now they are taking away the tools we were using to clean up the mess from huge party.
I'm not a quitter and plan on surviving the crisis. However, there is a limit to how many times anyone can be stabbed and still survive while preferential treatment is being bestowed to the chosen.
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