My Blog

Today, I wrote to my Senators and my Congressman. I have included the short text of my letter. If I get a reply from any of them, I’ll post it.  The letter:

We must stop the so-called bailouts that are happening. We have invested $350 billion and what do we have to show for it? Are things getting better? I think not. We must also block the proposed $1 trillion plus stimulus package. All we are doing is socializing our country. If this is not stopped, we will end up looking like the UK, France, and Germany to name a few countries that have decided that the government must take care of all aspects of everyone’s life. The statement from the Constitution “to provide for the common defense” has been twisted to mean the government has to take care of everything for everyone. I don’t want the government so deeply ingrained in all I do. Nor do I want the government redistributing my tax dollars to lower income citizens. The Declaration of Independence states “We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.” The pursuit of happiness means that you have to work for it, not complain loud enough that it’s given to you. I maintain that opportunity must be equal for all individuals, but the outcome is dictated by what they do with the opportunity. Please STOP GIVING AWAY MY TAX DOLLARS.

The reply by email from Sen. McCain.  I realize that these are probably form letters that are returned, but note that there is no comment on the $1 trillion stimulus package in the reply.

January 27, 2009

Mr. Charles Vark

Dear Charles:

Thank you for contacting me about the Troubled Asset Relief Plan (TARP) funds. I appreciate learning your views.

I opposed releasing the remaining $350 billion of TARP funds because I have seen no evidence that the additional and substantial taxpayers’ money will be used for its intended purpose. TARP was created to allow the Treasury Department to purchase up to $700 billion in “toxic assets” from financial institutions in order to help homeowners facing foreclosure and to stimulate the economy. Instead, the Treasury Department has used TARP funds to prop up the banking industry and to guarantee securities backed by student loans and credit card debt.

The misuse of the first $350 billion of TARP funds combined with the lack of transparency promised by Secretary Paulson was reason enough to oppose releasing additional funds. But most troubling to me has been the use of TARP funds to help bail out the domestic auto industry – in direct defiance of Congress. In December, after extensive discussion and debate, the Senate rejected a plan to pump billions of federal dollars into the domestic auto industry because we saw no evidence of serious concessions from the industry and no assurance of the domestic auto manufacturers’ long-term viability.

There is no doubt that Congress intended that the Treasury Department use the funds provided to assist only financial institutions. But that has not been the case. The language authorizing the TARP program has been interpreted to allow Treasury to change the game plan and use the funds for things outside the scope of Congressional intent. Less than two weeks after enactment of the program, Secretary Paulson changed course and decided instead to use TARP funds to recapitalize banks – a decision that was made with little or no input from Congress, and was an option that was explicitly rejected by Paulson and Bernanke when they were selling the TARP plan to Congress.

I am disappointed that TARP funds have been released before we were able to impose strict standards of accountability and ensure that the money is spent only as intended by Congress – to purchase mortgage-backed securities and other troubled assets and provide help to homeowners who are on the brink of losing their most important investment and roofs over their heads.

Again, thank you for sharing your thoughts on this very important matter. Please feel free to contact me on this or any other issue of concern.

Sincerely,

John McCain

United States Senator

JM/dkr