Letter #2: Do not give up!!!

Senators Corker and Alexander, Congressman Duncan:

I wrote a letter to you nearly a week ago expressing my displeasure with regards to what the media has steadfastly referred to as the "$700 Billion Bailout Plan." As previously noted, I am opposed to this plan for a multitude of reasons including the murky and disturbing relationship that FNMA and FDMC hold in association with the government, the concept of allowing private companies that made bad decisions to continue without facing adequate consequences and the notion that $700 billion dollars be disbursed so rapidly with so little scrutiny (and furthermore that any plan must include $700 Billion dollars).

I understand that the lobbying pressure on all of you is enormous. You are being pressed from all sides, including other members and leadership in the Congress, the President and his appointees and notable private industry groups and organizations. I truly appreciate this and am encouraging you to continue your fight. I am proud of the way Representative Duncan and 4 other members of the Tennessee delegation stood up to this political scourge during the roll call today. I exhort you to encourage all members representing Tennessee to stand up and fight for us, your constituents.

Further, I strongly encourage discussion and implementation of alternatives proposed by Governor Mike Huckaby, economist Brian Westbury, the Heritage Foundation and others. There are ways to encourage the markets to correct themselves without spending (as much) taxpayer money, without putting nearly sole control of a gargantuan pile of dollars in the hands of a few individuals, and without moving our economy closer to socialism.

We need to now draw a line in the sand and firmly state that no more will we be reliant on excessive amounts of debt to fund our economy and government. We must return to fundamentals, both as individuals and families as well as government. We must spend less than we earn, stick to our budgets and set money aside for a rainy day. This change will not be easy, nor will it be instant. However, we are a unique nation. We have withstood wars, outlasted our enemies and reacted honorably and amazing when we were attacked on our own soil 7 years ago. If we can withstand the atrocities of the World Trade Center attack, we can withstand what may be a very cold winter, economically speaking. We will stand together and become a stronger nation with a more robust economic base, a stronger currency and we will continue to be the envy of the world and the single desire and focus of enterprising immigrants that come to achieve their goals under the blanket of freedom.

In summary, I again insist "DO NOT GIVE UP!" Fight for those you represent and encourage others to continue to carry the message of the people. Produce a plan that involves the change to mark-to-market, insists on an insurance stand by the government rather than a buyout, changes capital gains tax to encourage investment and promotes fundamentally sound market principles. Do not extend loans! We will all be watching how you vote regarding this. If you vote for loans and excessive spending, not only will it cost you my vote, but it will cost you the vote of everyone I can persuade and convince.

Finally, thank you for your service during this difficult time. History will ultimately show who stepped up during this time of need and who did not.

Sincerely,

Dan Coates
Knoxville, TN