Dear Barack,
I need someone to explain to me what is happening. I am a pretty informed person, I vote in every election, I go to work every day, I follow Christ, I follow the news & the blogs and I am scared.
The President has barely said anything and one meeting with Congressional leadership and Secretary Paulson, we are suddenly on course to transfer $700 billion dollars worth of American wealth into the coffers of private companies. This, after we have already bailed out Bear Stearns, Fannie Mae, Freddie Mac, and AIG. I need to know the following and I need to hear it from someone who I believe cares about my welfare:
1. What just happened - in layman's terms?
2. What would have happened if we didn't bail out all of the entities above? (The truth, please.)
3. What will happen if we don't buy all of these bad mortgages? (Including any pressure from foreign debtors)
4. How will this change our country?
5. Will the people who have run these companies into the ground be fired and the Boards let go?
6. Why couldn't the taxpayers simply insure & transfer the affected pension funds and money market accounts to more responsible institutions and let the "free market" take care of the rest?
I ask the last question because it seems like this is the final nail in the coffin of a transfer of wealth from regular people like me to corporations and people who have more money than they know what to do with.
I toss and turn trying to figure out how to pay my bills. I have asthma and a pretty decent healthcare plan but I can't pay for my uncovered expenses. I have student loans and of course, gas is expensive. Winter comes quickly in Cleveland.
I am asking you these questions, because I don't trust anyone else. I would have asked Congresswoman Tubbs-Jones, but she is no longer with us. I need you to explain this to me like an adult. It's my money, it's my life. I don't own stock in these companies and I don't own a house - please explain why I have to pay for the unethical and irresponsible behavior of corporations. Please explain who is going to provide a bailout for me.
Sincerely,
Ayanna
P.S. These aren't rhetorical questions - these are the questions that every single person I know wants answers to.