God Save the Taxpayers

John Boehner sent a letter to Nancy Pelosi about the debate on the bailout program.  The letter is published at Power Line.  Frankly, I think one of the problems in this situation is that many of our ‘representatives’ (and I use the word loosely) are too busy collecting campaign money and sweetheart mortgages to pay attention and do what is right.  I heard this morning that the phone calls to Congressmen and Congresswomen about the bailout are running one hundred to one against the program.  The alternative program suggested by conservative Republicans in the House of Representatives involves more of an insurance corporation that holders of questionable mortgage paper pay into and are protected until it all gets sorted out.  It also suggests a sharp cut in capital gains taxes to stimulate economic activity until everything has a chance to settle out.  It’s a bill that is much friendlier to the average American than the original proposal, but the average American is not lobbying and making huge campaign donations, so I am not sure how this is going to go down.