Bailout: Open Letter to Senator Barack Obama

By Charles E. Carlson

ccun.org, October 4, 2008

Editor's Note:

Yesterday, the House passed a $700 billion package legislation to bail out the collapsing financial institutions. Senator Obama played a major role in passing it, by persuading his party to do so, particularly the black caucus.

 
Now we are being told the stock market will collapse if you do not pass the already rejected bailout bill.  Congress' job is not to prop up a stock market that reflects the excesses of the past.  You can no more control it than you can stop Niagara Falls.  Even if you could, it is not your job.  Let the stock market take its course.
 
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Your job, Senator Obama, and Congress' job is to go forward.  You need to investigate the Federal Reserve System to see if it needs to be taken over by Congress.  It is a secret monopoly and you will never see it more clearly than you do right now.  Perhaps you should read the words of Andrew Jackson, another Democrat, who killed the previous FED called the II Bank of the United States in 1836.  You might even take counsel from Congressman Ron Paul, from whom I have heard the truth.
 
Secondly, you need (if elected) an Attorney General who will encourage every state's Attorney General to prosecute vigorously every Wall Street executive, every Washington lobbyist, and every sold-out politician who brought this calamity upon our people.
 
Please be a Chief Executive for your future constituents by telling them you realize they have spoken and that you will make the best of their decision so far as it is legal, moral, and Constitutional.  What other constraints do you need? 
 
Congressman Harry Mitchell told the press his calls on the bail out were divided about 50-50 ...half said "No" and half said "Hell no."
 
 
No, it is not your job to push through some modified spending bailout scheme as we have heard both candidates tell the press.  It is time for you to realize the people have spoken, and their idea of right and wrong has guided most of them.  They have said no and they, not you, will pay the cost.
 
Why would you want Congress to give fiscal control to a committee made up of an appointed International Federal Reserve front man and a Banker who became a half-billionaire while helping to direct Wall Street to this disaster?  Senator Obama, you have said 'We must do this.' No, you must not!  Your constituents have spoken, you need to listen! 
 
The bailout plan is not needed, and it is un-American.  The Federal Reserve Bank will and already has stepped right in and funded whatever it wants to without Congress.  Ben Bernanke has said he will throw money out of helicopters to keep the economy (and our wars) going.  Let him, and then arrest him for counterfeiting.  His actions say clearly that our Congress and White House are not in control at all. The non-elected, non-government, private banker's monopoly, the FED, is in control!  It is asking you to join it and legitimize its' ac ts.
 
You, Senator Obama, Mr. Bernanke, the media, and the Administration have all been guilty of self-deception when you have said the 'taxpayers' will have to pay for this bailout.  You are very wrong, it is not the taxpayers but the consumers who must pay, and this is a big and material difference.
 
Taxpayers are those who pay net taxes.  Every child is a consumer, but not a taxpayer.  Most retired people are consumers but not net taxpayers; students, all government employees (directly and indirectly), and the military are all consumers and not net taxpayers.
 
Every bailout is funded by diluting the consumer's funds...his savings, pension, his social security, his 401-K, his stocks, and even his home.  Do not aid and abet the dilutors.  Do not tell us the 'taxpayers' will pick up the bill, when in fact our children will be diluted to the quick to pay for what you seem to want to give away.  Better we all go half hungry now than allow our abuses to reign down on the innocent unborn.  What will God say of leaders who do this in order to follow the sharks of Wall Street?  We must not bind our grandchildren to worthless money for their sake.
 
The proof that you can not out give the FED came Monday two hours after the House voted 'No' to the bailout scheme the FED stepped in.  Wachovia bank was scheduled to be the first big, deservedly- broke bank to be' bailed out' under the Congressional plan not yet passed.  But when Congress spoke, the Wachovia plan evaporated.  The FED stepped in within minutes with a new plan.  The stock of Wachovia bank collapsed from eight to one dollar at about 2:00 PM Eastern Time when the plan was announced.  The FED was Wachovia's back up suitor wai ting in the wings all along ready to underwrite $130 billion in bad debts and save the depositors. 
 
The Treasury funded plan would have given the stockholders of Wachovia a $17 billion dollar bonus, which they did not get from the FED which knew well there was no stockholder equity left in the company.  And the next day the FED announced it was 'flooding' the world banking system with some $600 billion dollars, almost as much as the entire 'bail out' package.  Do you know where the FED got this money?
 
Senator Obama, Congress does not need to destroy our Constitutional concept of sound money by becoming an accomplice to the crimes of the Federal Reserve System.  The FED was there behind the scenes electronically printing the money as soon the Congress said no!  And it will continue to throw money out of golden helicopters until our leaders stop it.  Why should you stop such a grand partner as the FED...because it is criminal, robbing all consumers of their future.
 
Where do these billions and trillions of dollars the FED spends come from?  It prints it electronically, as a recent Brian Williams TV news show correctly observed on MSNBC.*The FED dilutes the value of every dime we own or that your grandchildren will earn with every dollar it creates.
 
                                                                                   Sincerely
                                                                                 Charles E. Carlson, Consumer
 
 
 
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