Fate May Rest With Shelby

CNBC is reporting Fate of Bailout May Rest With Republican Sen. Shelby.

Many members of the U.S. Senate blasted the Bush administration's Wall Street bailout plan Tuesday, but no senator has come forward so far with an explicit pledge to kill the $700 billion proposal.

The rules of the Senate, unlike the House, give individual lawmakers substantial power to delay or halt legislation, but three Senate aides said there were no clear signs yet of that power being exercised.

As the Senate Banking Committee held a hearing on the plan put forward by the Treasury Department, aides said much would depend on Alabama Sen. Richard Shelby, the committee's top Republican, who was sharply critical at the hearing.

The outlook for Treasury's plan would dim greatly if Shelby were to move to block the bill that is expected to emerge soon from congressional debate over the plan, the aides said.

Other senators, including Republicans Jim Bunning of Kentucky and Jim DeMint of South Carolina, have expressed strong concerns.

But the aides said these lawmakers also have stopped short of warning they would work to block the bill.

Another Fax Needed

Fax Title "Senator Shelby, Block This Bill"

Senator Shelby

You are correct when you say the crisis was created by "sloppy underwriting and reckless disregard for the risks they were creating, taking, or passing on to others."

Most importantly you are correct when you state "There are no credible assurances that this plan will work. We could very well spend $700 billion and not resolve the crisis."

Senator, the odds of failure are 100%. The Paulson plan will not create any jobs or help homeowners pay their bills. Instead it diverts $700 billion of taxpayer funds to failed banks that took excessive risks. The sheer size of the bailout will cause interest rates to rise, further adding to taxpayer woes.

Robbing taxpayers to pay failed banks cannot possibly work!

Printing money and giving it away cannot work either. If it did work, Zimbabwe would be the most prosperous nation in the world.

Senator Shelby, our prayers are with you that you have the courage to stand up for what you know you must do: Block This Bill.

I ask that you approach fellow Senators Jim Bunning, Chuck Grassley, and Jim DeMint in hope that one or more will have the courage to join you to in preventing what is still a preventable disaster.

Your Name
Your Phone Number

Fax For Bunning, Grassley, DeMint, Ensign, Reid

Dear Senator

Earlier today I asked Senator Richard Shelby to have the courage to stand alone, if necessary, block the Paulson proposal.

Senator Shelby is correct when he states "There are no credible assurances that this plan will work. We could very well spend $700 billion and not resolve the crisis."

Senator, the odds of failure are 100%. The Paulson plan will not create any jobs or help homeowners pay their bills. Instead it diverts $700 billion of taxpayer funds to failed banks that took excessive risks. The sheer size of the bailout will cause interest rates to rise, further adding to taxpayer woes.

Robbing taxpayers to pay failed banks cannot possibly work!

Printing money and giving it away cannot work either. If it did work, Zimbabwe would be the most prosperous nation in the world.

Senator, our prayers are with you that you have the courage to stand up with Senator Shelby and do what you know you must do: Block This Bill.

Your Name
Your Phone Number

Sen. Richard Shelby (R) 202-224-3416 or 202-224-5137 (both seem to work, I fax both)
Sen. John Ensign (R) 202-228-2193
Jim DeMint (R) 202-228-5143
Sen. Jim Bunning (R) 202-228-1373
Sen. Chuck Grassley (R) 202-224-6020
Sen. Harry Reid (D) 202-224-7327

The Odds Of Success Improve With Every Fax!
Your Fax Counts.
This is a critical Juncture, please act now.

Pass this email to 10 others and have them do the same.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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