Urgent: Tell Your Congress members to Vote "NO" on the $700 Billion Financial Industry Bailout

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From: National Taxpayers Union

Urgent: Tell Your Elected Officials to Vote "NO" on the $700 Billion Financial Industry Bailout

Today, Sunday, September 28, Congress is scheduled to vote on the $700 billion bailout package. Below is a Vote Alert sent by NTU to each Capitol Hill office.

As a concerned taxpayer, you can help by picking up your phone and urging your elected officials to oppose this plan.

Contact information can be found by clicking here.

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National Taxpayers Union Vote Alert

NTU urges all Members of Congress to vote "NO" on the $700 billion financial industry bailout plan.

This unconscionable scheme forces the vast majority of taxpayers who were honest and prudent to bail out firms on Wall Street that made bad business decisions. Furthermore, it does nothing to address the root causes of today's market difficulties. The long-term effects of this fiasco, including inflation, a weaker dollar, and an even more precarious federal balance sheet, are almost certain to outweigh the shallow short-term stabilization of moneyed interests who have been twisting arms on both ends of Pennsylvania Avenue.

Congress helped to create this debacle with the Community Reinvestment Act, poor tax policies, hastily designed mark-to-market regulations, and spectacular negligence with regard to the systemic risks posed by Fannie Mae and Freddie Mac. Rather than addressing those core problems, this disgraceful plan instead snatches $700 billion from the pockets of hard-working Americans, the vast majority of whom had no part in this horrific play.

Congress apparently decided to listen to a few political heavy-hitters in the financial community about the need to shovel boatloads of taxpayer money into their faltering businesses, rather than listening to their constituents who oppose this giveaway almost unanimously. The legislation before you has made nips and tucks to the Treasury's original proposal that ultimately cannot conceal its fundamental flaws. Surely some Members will reap what they have sown at the ballot box for their shocking negligence of taxpayers' concerns.

Roll call votes on the bailout will be one of only a handful of votes in the last decade to receive the highest weight of 100 in our annual Rating of Congress.

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