Dear Senators Murray and Cantwell, and Representatives Inslee, Smith, McDermott, Baird, Larsen, Dicks (and yes, Reichert and McMorris)…
Please don’t vote for this Wall Street bailout. Not this bailout. Not now. Not with this administration.
Please… please… be skeptical. Read James K. Galbraith. Read Stirling Newberry. But whatever you do, don’t get bullied or rushed into sinking $700 billion of taxpayer money into a bailout that won’t do anything to fix the fundamental problems at the heart of this financial crisis. For that matter, don’t accept as a matter of fact that this is a financial crisis… at least, not the kind that requires you to cast a vote this week or risk a second Great Depression.
Ask questions. Be prudent. Ask even more questions. Authorize, say, $150 billion if you really feel the need to do something now, to prop things up through the end of the Bush administration. But don’t just vote yes on this bill because you’re afraid of voting no. There is too much at stake, and it is not at all clear that this bailout plan will do anything but delay the inevitable, all the while lining the pockets of the already super-rich.
The problem, in the end, is that Americans simply consume more than we produce, and not a dime of the $700 billion the White House is requesting will do anything to address this core economic flaw. We either have to produce more or consume less, or preferably, some combination of the two. Austerity may not be a politically popular thing to talk about out loud… so don’t. But you need to start talking about it privately amongst yourselves, and have this stark reality inform your vote.
So please… please… take your time. Remember the Patriot Act. Remember the Iraq War Authorization. And don’t let yourselves be rolled by the Bush administration one more time.
UPDATE:
Call your Representative and Senators, 800-473-6711, and tell them to take their time and just say “no.”
UPDATE, UPDATE:
On HuffPo, Dean Baker warns us not to be scared by “phony stories” about a second Great Depression:

