Analysis of Babs

Barbara Mikulski is mad. She's madder 'en hell. She told me so. She wants to protect Bal'mer and Mer'lin. You see, in order to know what our far-left leaning liberal leaders are doing I signed up for their email newsletters. One of my friends phrased it as "spying on the enemy". I wouldn't call it spying. Senator Mikulski never asked me if I was a clear-thinking educated voter, commonly referred to a Republican. So it's not really spying. It's more like eavesdropping.

I recently sent Senator Mikulski a message letting her know that I did not agree with the terms of the economic bailout package that she and her cronies in Congress devised. For example, did you know that some of the bailout money, which is funded by you the taxpayers, loans from the Chinese and the Middle East, and by printing more money, making our money less valuable, included tons of pork?

Sure, there were some good things. FDIC insurance was raised from $100,000 to $250,000. That actually makes sense. However, a toy arrow manufacturer in Oregon received tax credits to continue producing these arrows, though Oregon's leaders in Congress deny inserting the provision. This seems to be the epitome of ridiculousness.

Other pork includes changes in tax laws for depreciating racetrack construction, a revenue sharing program for the rural schools and community self-determination program, costing taxpayers $3.3 Billion, tax credits to movie producers for producing their movies in the United States, an economic development package to American Samoa, and a program to provide benefits to people who ride their bicycles to work.

As you can clearly see, the need to maintain the integrity of our credit system hinged on toy arrows and bicycle commuters. Who knew that Oregon and American Samoa were the tipping point between world-wide economic collapse and a rosy future of economic prosperity?

So back to my letter from Bab's. Bab's writes that the taxpayers…"watched Wall Street executives pay themselves lavish salaries. They've watched irresponsible lending practices. They've watched Wall Street gamble on risky investment mechanisms. Now those very same Americans who've worked hard and played by the rules are being asked to pay the bill for those who didn't." Okay, Bab's, enough of the drama.

Wall Street Executives do not pay themselves. You know that. Only Congress pays themselves. Oh, snap! That's right. You vote on your own pay. Doesn't this make you a hypocrite? Sure does! In fact, executive pay by publicly traded companies is determined by the Board of Directors of the company which they work for. Millions of Americans are right when they say that "Barbara Mikulski doesn't know what she's talking about."

Irresponsible lending practices. Yes, kind of like the practices mandated by the Community Reinvestment Act that the Congress passed in 1977 requiring lending companies to give loans to low-income applicants - applicants who normally not qualify for loans. Low interest rates during the early 2000's exacerbated the problem. Is Wall Street to blame? Or the head-hunting loan scalpers?

Bab's goes on to say that the bill "protects tax payers". Protects tax payers? By requiring us to repay the first installment of what could be a $3 trillion bailout? If you call that protecting me, get the cuss out of Dodge, Miss Senator!

And let's not forget her attack of "Wall Street", you know those greedy irresponsible bastards who operate on loose regulations. What Bab's conveniently ignores is that "Wall Street" is a euphemism for the financial industry, a financial industry that extends across the country and right down Pratt Street. I know she doesn't give a shit, but there are a few decent sized "Wall Street" companies in Baltimore that are money managers that are getting their ass kicked by the market, some deservedly, others without cause.

Punish them all, Babs. They all deserve a hard and swift kick in the ankles. Because we all know that the upper management people will be the ones punished, not the rank and file employees that get laid off by the thousands, right? Oh, maybe not!

So, Babs Mikulski, before you go around with your miniature vicious attacks on the companies that manage our 401(k)'s, employ thousands of people, and provide the means to live in a house and raise a family, be cautious of what you vote for. It may come back to cause huge repercussions for thousands of your constituents. You know the ones - the ones that work and that are not on welfare and provide the tax dollars that keep this country moving.

We're mad as hell, too. And we vote. At least I hope so.

A Letter From Barbara Mikulski

Dear Mr. Eludius:

Thank you for getting in touch with me about the Emergency Economic Stabilization Act (P.L. 110-343). It's good to hear from you.

I know that taxpayers are mad as hell, and so am I. They've watched Wall Street executives pay themselves lavish salaries. They've watched irresponsible lending practices. They've watched Wall Street gamble on risky investment mechanisms. Now those very same Americans who've worked hard and played by the rules are being asked to pay the bill for those who didn't.

Time and time again we have seen the consequences of loose regulations and wimpy enforcement. Time and time again I voted for more teeth and better regulation. I voted to get the lead paint out of toys and the lead out of the bureaucracy at the Consumer Product Safety Commission. I voted to strengthen Federal Drug and Administration (FDA) to make sure it didn't approve dangerous drugs. I also worked to stop predatory lending and flipping in the mortgage market.

I remember back in 1999 when this banking mess got started. I was one of the nine Senators who voted against the bill that got rid of the division between investment banks and commercial banks. It lowered the bar on regulation and allowed for casino economics.

Now, we are facing a credit crisis that affects everyone - from people getting loans for college, to the small business owner who depends on credit to buy inventory. If we do not deal with this credit crisis, I believe that the Main Street economy will have to pay the bill for the bailout and pay the bill again in lost jobs, and in shrinking retirement and pensions.

Regrettably, this rescue is necessary to restore confidence and stability in our economy. The final version that passed is vastly improved from the three page bill that President Bush and Secretary Paulson originally sent to Congress. It protects tax payers, provides oversight and transparency, and rejects using tax payer dollars to finance golden parachutes for Wall Street CEOs. That's why I voted for it. This legislation was necessary to protect our economy, our middle class, and our way of life. But I heard the taxpayers loud and clear. Much more needs to be done to provide for rigorous reform and retribution against those who broke the law.

The Emergency Economic Stabilization Act was passed by both the House and Senate, and was recently signed into law by the President. Knowing of your views was very helpful to me, and I will keep them in mind. If you'd like to read more, I encourage you to visit the "News Room" page of my website at http://mikulski.senate.gov/Newsroom/PressReleases/index.cfm where you can read the transcripts of my three floor statements on this issue.

Again, thanks for contacting me. Please let me know if I can be of help to you in the future.

Sincerely,

Barbara A. Mikulski
United States Senator

Economic Bailout Package

I haven't written in a while, but I have been busy. The work at my paying job has picked up, which is good when you see the economy melting down before your eyes. And family life is as busy as always. Soccer practice continues to occupy several days a week of my time and I was able to squeeze in the collapse of the Ravens last night on Monday Night Football.

So what has been occupying my thoughts for the past week or so is the crisis on Wall Street. I have watched my stocks tumble 10-30% in a short amount of time. I have not sold anything, so I haven't lost any money. As any good money manager will tell you, you haven't lost any money in the stock market unless you sell. When you sell, you've solidified your loss.

I have watched institution after institution collapse in terms of stock price and in name. It seems that the mere mention by the media that a company poised for collapse causes said company to collapse. In a short amount of time we have lost Lehman Brothers, Bear Stearns, Merrill Lynch, Washington Mutual (WaMu), Wachovia, and AIG. What would normally be a major headline for each company has become second page news given what it happening everywhere else.

The Congress continues to bicker about providing an economic bailout to rescue Wall Street and Main Street. Each round continues to fail and each party blames the other for the failure. However, the average Joe, while not having a great understanding of what is going on, does understand that his family is the one that is going to pay for it.

With the economy sliding into recession, by whatever definition you want to use, the government continues to print more money to devalue the currency, making our hard-earned dollars worth less. The government continues to borrow money from China and the Middle East, giving them more leverage over our economy and our future. And as the proverbial slap in the face, we are told by the government that the foundations of our economy are strong and that inflation is in check. Meanwhile, we are watching our retirement plans dwindle in value. Our salaries are rising at 3-4% per year if we are lucky. Yet we're paying 100% more for gas than we were several years ago and $100 doesn't go that far at the grocery store anymore. If inflation is in check, then why does everything cost more?

Americans are tired of the lies. The President lies to us. The Congress lies to us. The media lies to us. The 2 major candidates for Presidency lie to us. Wall Street lies to us. We are tired of the lies. We want the truth.

Explain this economic crisis to us. If a bailout is needed, let's pass one that doesn't have riders giving subsidies to farmers in South Dakota. Pass a bill that does not just give a handout to Wall Street to provide more cheap credit, which will cause more people to go out and buy homes they can't afford. Do not pass a bill that makes United States Government the largest financial firm in the country. Do not try to over-regulate the market and artificially inflate the housing market, the credit market, and the stock market. Do not pass a bill that you know will only make things worse in the long run.

We are not stupid. Stop treating citizens as if we are. As for the voters, it is time we wake up. Why are our Senators and Congressmen in office for 20, 30 years? We holler for change, then vote for the same bozos every election. Steny Hoyer has been in office since 1981 - that's 27 years. Barbara Mikulski has been in Congress since 1976 - 32 years!

I urge you to contact your elected leaders - Senators, Congressmen, and tell them what you think. And let me tell you - they are pretty tricky. I wanted to contact the other Congressmen in Maryland, but they hide their email addresses and the only way to email them is to complete a online form and lie about your information. Otherwise, it directs you to the Congressman in your district. I want all Congressmen to hear what I have to say, but they make it so that you can't tell them.

If you want change, it will not come in the form of incumbents. I don't care who your party is. If you're a Republican, perhaps it is time for vote for a Democrat. If you are a Democrat, perhaps it is time to vote for a Republican. If you want change, DO SOMETHING DIFFERENT! Otherwise, sit back and expect things to continue the way they are.