US Treasury Secretary Henry Paulson, who is a former CEO of Goldman Sachs, is proposing to commit at least $700 billion of taxpayer dollars to buy "non-performing" -- that is, bad -- securities and debts from private corporations, including foreign banks, who are at risk due to the effects of the assumption of unwise risk.
This deal would also give Paulson and his successors unchecked, "non-reviewable" powers that prevent their actions from being challenged in any court of law.
These plans are un-American, dangerous, and will not work.
Please visit http://EndBailouts.org for more details and resources.
To: US Congress
This petition is to urge you to take immediate action to stop the abuse of taxpayer money for the purpose of bailing out reckless private enterprises.
We the undersigned also urge you to condemn and reject the attempt by Secretary Paulson to gain unchecked, extralegal, "non-reviewable" powers for his office. No agency or individual in America should have broad powers that cannot be challenged.
We understand that if public funds are not used to stabilize the 'financial system', the results of a collapse would be traumatic and international, including a soaring cost of credit, the endangerment of millions of long-term retirement investments (including our own), and lasting economic difficulty. The results of establishing a precedent of public liability for private debt, however, will be far worse in the long run.
We would prefer to suffer the consequences of our own errors than pass that suffering along to the next Americans. Our nation is built on personal sacrifice for the good of our children.
This commingling of public and private obligations would be a bad and shortsighted move under any conditions, but at a time when our national debt is close to record highs and our international standing is weakened, it is nothing short of a crime against America.
What we've been told is that some private businesses are simply "too big to fail," because their failure would have unacceptable and widespread adverse effects. If this is the case, and the public stands to be liable for the failure of such businesses, there must be immediate implementation of a law prohibiting private enterprises from reaching that size. If no such law is to be established, then no tax money should ever be used to bail such firms out.
There is no sound justification for giving our funds away to irresponsible corporate elites. The market is based on the idea that one takes risks, and reaps the rewards therefrom if they pay off -- and pays the price therefore should they prove unwise. If we are going to assert that the United States is a market economy, we must be willing and able to face the realities of the way markets operate. If the system is broken, this bailout will not fix it -- it will only close one of the many avenues of uncontrollable risk that characterize market speculation.
Please stop this violence against our values. Stop the theft of our funds. Stop the government from assuming the debt of irresponsible corporations and 'bailing out' or nationalizing failing private firms. Stop the assumption of unchecked powers by the Treasury Secretary. This is your duty to protect the American people from a bleak future.
Please take action now! Stand up for our rights, our freedom, and don't be cowed by the fear that we now face. Defend us! We will stand along side you.
The Petition to End Bailouts petition to United States Congress was written by Nicholas DiBiase and is in the category Government at GoPetition.