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Northwest Voices

Seattle Times letters to the editor

October 5, 2008 at 5:16 PM

The federal bailout

Rescue this

Well, the Senate renamed the bailout package the “rescue” package. As in, rescue the seven-figure golden parachutes of the Wall Street campaign contributors and their chauffeur-driven limousines.

I wouldn’t necessarily oppose the bill if the government raised taxes or cut spending to pay for it, but this bill is paid for entirely with debt. Yep, whip out the national credit card for a $700 billion boondoggle.

Claims that the government may make money on the deal? Hogwash! This is an “investment” in commercial paper of such poor quality that none of the world’s banks, brokerage firms or insurance companies will touch it at any price. The government will be borrowing the money to buy this horse manure and it’s not entirely clear who will lend us the money or at what interest rate.

I’m disgusted and less than optimistic that common sense will ever prevail in Congress.

— Robert Walker, Renton

Silly Congress

Packaging tax cuts with a request for $700 billion in additional spending has to be the craziest idea to come out of Washington, D.C., in quite a while.

Let’s be realistic: $700 billion is a lot of money, but is in all likelihood just a down payment on the total amount of damage hiding in the financial markets. With $55 trillion of outstanding credit-default swap contracts lurking out there, who knows how many more bailouts we will eventually be asked to fund?

Congress, tell me what the problem is, what you need the money for, what I get for my money, and if it will fix the problem. Then I have no problem spending $700 billion. But don’t try to bribe me with a silly tax cut. It just makes me even more suspicious.

— Trevor Hall, Bellevue

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