Understanding the credit crisis
(Re: “They spent it anyway” by Bill Sepmeier in the Sept. 20 Vail Daily.)
As I read through this letter, I became more and more confused as to how (or if) to respond. There are so many fundamental mistakes in Mr. Sepmeier’s reasoning, information and understanding it’s daunting if not impossible to address them all.
The Fed’s decision to increase currency swap lines with other central banks by $620 billion Monday were well within their authority and not some conspiracy to rob America.
“My question as I absorb these facts is, why did Bush and Paulson even ask?” Sepmeier asks. The reason the administration is asking for the “Emergency Economic Stabilization Act of 2008” is because it grants new and special powers to the Treasury, and our system of checks and balances requires a vote and a public forum to do such things.
I’m at a loss as to how to respond to the remaining paragraphs as they descend into a reactionary rant. Instead I’d like to offer a series of questions to Mr. Sepmeier:
Do you have a mortgage?
A car loan?
A line of credit?
A student loan?
A credit card?
A bank account?
If yes to any of these, then you should take the time to really understand the credit crisis we are facing instead of writing inflammatory and uninformed letters to your local paper.
I would also like to offer to explain the current credit crisis to Mr. Sepmeier if he’d like. Provided of course, that he is capable of discussing real economic situations and the political causes and ramifications of these like an adult.
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