Early this morning I began the process of transmitting more than 500 faxes to lawmakers.
Again.
This time, it is for what is almost certainly going to be The Ticker's final petition.
Why final?
Because our government stands on the precipice of taking actions that cannot be reasonably un-done, nor can their damage.
It is, in fact, now up to you.
That's right, you.
Yourself. Your neighbors. Your friends. Your associates. Your coworkers.
Our government intends to try to "bail out" Fannie and Freddie. This is, potentially, the taking of five trillion dollars worth of debt onto the US Balance Sheet.
That is equal to the entire public float of the existing debt, and half of all public debt. It will add to our Federal Liabilities by half, immediately.
Now to be certain, this debt is not worthless. It is backed by houses, which are declining in value, but they are not worth zero. At least most of them aren't - some in Florida may be or will be soon, as mold takes over, and in other cities like Cleveland, they are rapidly and literally rotting away or being robbed of everything of value, including the copper pipes and wiring.
We, in this nation, have allowed a tremendous debt bubble to be blown. Our nation has gone from having 75% of its home "equity" owned free and clear by its citizens to just under 50% - in less than ten years.
We have become a nation of ever-more profligate spenders, and we have now reached the end of the rope.
Our choices are to start to climb back up, even though doing so will be painful, difficult, and likely leave some of us with terrible rope burns on our hands, or we can let go and see what lies beyond our vision downward.
The choice is ours folks.
This has not been an accident. Ben Bernanke and Hank Paulson, as I chronicle in my letter to them along with Congress, have either the worst economic and inflation forecasting record in the history of mankind - very close to 100% wrong - or they have been lying.
We, the people, must choose.
You can find the petition at http://financialpetition.org
I urge you to sign it.
I urge you to pass this Ticker around, and to email the PDF to which it links worldwide, to everyone you know.
I urge you to decide, here and now, whether you will pop a Prozac and drink a beer, or whether you will form together with your friends, your neighbors, and your coworkers to put a stop to this while you still have a home and a job.
To call Congress.
To show up in your Congressperson's local offices, and raise hell.
To form impromptu demonstrations in your tows, cities, and states.
To call general strikes.
To descend on the political candidates for President, before their conventions, at their conventions and after their conventions, and demand that they pledge - and act - to stop the madness.
To engage in all forms of peaceful political protest and action, with one focus, one purpose, saying quite clearly:
We will no longer tolerate the intentional acts of a few who screw the 80% of America that gained no benefit from this fraud, but are paying the price.
We will not tolerate $4 gasoline so you can hide bad debt on bank balance sheets.
We do not believe the FDIC, or anyone else, has a handle on the banks - after all, IndyMac wasn't even on the FDIC's watch list before it blew up.
We are honorable Americans.
We fought wars for our freedoms, sending our sons and daughters off into harm's way to protect our way of life. You will not rob us of that so a few barons on Wall Street can have a yacht and vacation home in The Hamptons.
We expect you to tell us the truth.
We expect you to act in an honorable fashion.
We know you let this happen, but that's water under the bridge. Now it is time to put our foot down collectively as Americans and reverse course, while we still can.
We expect you to jail the fraudsters and stop the liars everywhere within our financial system, both on Wall Street and Main Street, no matter how many thousands of dollars they contributed to your political campaigns.
If you cannot, or will not, then you must step aside and let those men and women come to the fore who both can and will, like The Honorable Senator Bunning and Congressman Garrett.
There are people who speak the truth in DC.
There just aren't enough of them, and it is now our time - and our calling - to change that.
http://financialpetition.org
and
http://fedupusa.org
You can listen to Jim Bunning - who has it right - direct from The Senate
Economics
