Dear “InitiateTruth”:
Thank you for sharing your concerns with me regarding the turmoil in America’s financial markets. I appreciate hearing from you.
America is in the midst of an extraordinarily serious financial crisis, by many accounts the worst since the Great Depression. As a direct result of the ongoing subprime mortgage crisis, over the past six months we have witnessed the fall of several major institutions that stand at the heart of our financial system, including Bear Stearns, Fannie Mae and Freddie Mac, Lehman Brothers, Merrill Lynch, and AIG. If the federal government does not act now, many fear additional failures may occur, with potentially devastating consequences for the economy – including, but not limited to, many, many more Americans losing their savings, their homes, and being unable to obtain loans for education or to start a small business.
The recent developments in our financial sector demonstrate a clear need for the federal government to take swift, decisive, and comprehensive action to stabilize the markets and avert further shocks to the economy. Treasury Secretary Hank Paulson, Federal Reserve Chairman Ben Bernanke, and leaders in Congress have discussed putting in place permanent mechanisms designed to provide such stability.
As my colleagues and I continue to evaluate these proposals in the coming days, my highest priority will be to protect the American taxpayer to the maximum possible extent, while working to ensure there is a system in place to prevent developments that could prove to be far more costly – additional financial failures, frozen credit markets, and economic paralysis.
In addition, I believe strongly that any plan to stabilize the financial sector must provide strong and independent oversight of the program. I also believe we must take steps to strengthen the oversight and regulation of financial institutions and the way they do business. For too long, an ethic of deregulation has pervaded Washington, D.C.; as a consequence, the irresponsible practices of financial institutions that have gotten us where we are today went largely unnoticed, and unaddressed. Putting stronger oversight and regulatory mechanisms in place is essential to preventing a similar crisis down the road.
Finally, I believe that, as we work to prevent further turmoil in our financial sector, we must also provide meaningful economic relief for the millions of middle-class American families who are struggling to stay afloat as a result these financial crises. Many families are facing foreclosure, savings are diminishing, jobs are in peril, and bills are mounting. We cannot underestimate the gravity of this moment or fail to rise to the challenge it presents.
Again, thank you for taking the time to share your views. Please rest assured I will keep them in mind as the Senate addresses this pressing issue.
Sincerely,
Ken Salazar
United States Senator
initiatetruth.com 
Pingback: Call to Action « initiatetruth.com
I am asking you not to vote to bailout wallstreet. You can dress it up any way you want but at the end of the day it is a wallstreet bailout. The people who put you in office and I’m one of them are asking you not to vote yes on this. As far as I can see nobody in the senate has tried any other avenues but to saddle the american people with the 700 dollar bill. I’m asking you not and I repeat not to vote yes on the bailout.
Thank you,
Edith Manley
Your vote and the passage of the bailout bill is an affront to middle Americans. It will be happily received by “stock jockeys” and home buyers who irresponsibly bought homes far beyond their ability to pay for. Middle America must, once again, foot the bill for bad judgement on the part of home buyers and big business that has incompetent owners and management.
Shame on you!
Ron Hale