No Blank Check for Wall Street Says Senate Majority Leader Reid

By: Mike_Shedlock

The ReviewJournal is reporting Reid says "no blank check" for Wall Street bailout .
Senate Majority Leader Harry Reid said today that Democrats in Congress will not grant President Bush "a blank check" $700 billion financial bailout bill without debate over amendments to "protect taxpayers."

Reid, a Democrat from Nevada, stopped short of saying that Democrats will hold up the bill that most everyone has said is urgent to steady the economy.

"We are prepared to do what is necessary, but we will not let haste abandon good judgment in the process," Reid said.

"The Bush administration has called on Congress to rubber-stamp its bailout legislation without serious debate or efforts to improve it," Reid said. "That will not happen.

Major Cracks In Support

We are starting to see some major cracks in support for the Paulson Plan.

The longer the bill is delayed the more time there is to kill it with infighting. Please phone Senator Harry Reid at 202-224-3542 and let him know there should be a discussion of alternatives.

Phone Harry Reid at 202-224-3542
Please Fax Harry Reid at 202-224-7327

I just spoke with Harry Reid's office and faxes will be sorted and delivered to a legislative assistant by the end of the day. They are being swamped so a consistent message to consider alternatives is needed .

Please mention the following "Open Letter" link and take whatever pieces of it you agree with, concentrating on the solutions and fax Senator Reid. Tell him you are not from Nevada but applaud someone willing to stand up for all of the USA.

Mention these links but remember no one will likely open them. Take appropriate snips and fax away.

Open Letter To Congress On The $700 Billion Paulson Bailout Plan
http://globaleconomicanalysis.blogspot.com/2008/09/open-letter-to-congress-on-700-billion.html

Also mention the Hussman Plan.

An Open Letter to the U.S. Congress Regarding the Current Financial Crisis

Please Start Your Fax Like This

For the good of the United States of America, I am asking the Senate to stand up to justice and protect the taxpayer. Instead, please consider solid alternatives offered by Hussman and Mish to recapitalize banks in a way that protects the taxpayer.

Fax List

Sen. Richard Shelby (R) 202-224-3416 or 202-224-5137 (try both not sure which is correct)
Sen. Harry Reid (D) 202-224-7327
Sen. John Ensign (R) 202-228-2193
Sen. Jim Bunning (R) 202-228-1373
Sen. Chuck Grassley (R) 202-224-6020

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

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Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management . Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.

Visit Sitka Pacific's Account Management Page to learn more about wealth management and capital preservation strategies of Sitka Pacific.

I do weekly podcasts every Thursday on HoweStreet and a brief 7 minute segment on Saturday on CKNW AM 980 in Vancouver.

When not writing about stocks or the economy I spends a great deal of time on photography and in the garden. I have over 80 magazine and book cover credits. Some of my Wisconsin and gardening images can be seen at MichaelShedlock.com .

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