In case you missed Bush's speech you can see it in this MSNBC Clip. This is a critical juncture. We absolutely need your help for another massive Fax-In, Phone In.



Fax Title: No Deal Start Over



Senator



I can sum up my thoughts on Bush's speech in four words "No Deal Start Over".

I watched Bush's speech tonight and it left as many questions unanswered as before.



Specifically, it provided no assurances that the problems will be solved by throwing $700 billion of taxpayer money at failed institutions.



A $700 Billion Tax



Let's be honest. This bill is a $700 billion tax on the US taxpayer. It will be the largest tax bill in history.



Former Governor St. Louis Fed: "taxpayer losses will be large."



Bush claims the value of these assets will likely be higher than the current price. I disagree. So does William Poole Former Governor of the St. Louis Federal Reserve Bank who states " The Treasury will be stuck with the least-attractive paper, and that means taxpayer losses will be large. "



President Bush Is Disingenuous



Bush claims the Government is patient enough to buy assets at their current price and hold on to them until the price recovers. That is not the Paulson plan. Paulson and Bernanke do not want to buy at distressed prices they want to buy at above market prices to recapitalize banks, hoping they guess right. The Fed chief explicitly said "paying prices higher than the bad assets would aid the economy".



Bernanke and Pauslon have not guessed right about anything for years, including interest rates, or we would not be in the mess we are now in.



Paulson And Bernanke Do Not Deserve Your Trust



Neither Paulson nor Bernanke saw this coming. Paulson spoke on Face the nation saying our banking system was sound. Somehow we went from "sound" to the "biggest crisis since the great depression" in a few short weeks.



Why should trust be placed in those who did not see this coming? Instead trust should ONLY be placed in those who did see it coming, and have offered valid alternatives to consider.



Paulson asked for a blank check for Fannie Mae. He told you he had no intention us using the blank check. One week later Paulson wrote a $200 Billion taxpayer funded check to bail out Fannie Mae and Freddie Mac. He wrote another $85 billion taxpayer check for AIG.



How many more checks can he write before you get the idea "Paulson is flying blindly by the seat of his pants"?



Take Time To Study Alternatives



Senator, I am still asking "Why the mad rush to judgment?"



The financial world will not end if you delay passage. However, it may end if you pass a $700 billion boondoggle that morphs into a $1.8 trillion boondoggle.



Please scrap this proposal and start with a genuine look at real alternatives. This plan is nothing more than a $700 billion tax, a tax that will not provide a single job, not a one.



I cannot and will not vote for any member of Congress who votes for this bill in its current form or anything remotely close to the current form.



Senator, it's time to kill this bill and start all over.



Your Name

Your Phone Number



With a Rasmussen poll finding support for the bailout at an anemic seven percent, some members of Congress are afraid to vote for it. Call them! Let them hear from you! Tell them you will never vote for anyone who supports this atrocity.



The issue boils down to this: do we care about freedom? Do we care about responsibility and accountability? Do we care that our government and media have been bought and paid for? Do we care that average Americans are about to be looted in order to subsidize the fattest of cats on Wall Street and in government? Do we care?



When the chips are down, will we stand up and fight, even if it means standing up against every stripe of fashionable opinion in politics and the media?



Times like these have a way of telling us what kind of a people we are, and what kind of country we shall be.



In liberty,



Ron Paul

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