Friday, October 03, 2008

Letter from Frank Wolf (R-VA-10th)

Yesterday, we received a thoughtful letter from Frank Wolf, our representative in Congress. The letter is remarkable in several ways. First, his very efficient office staff was thorough enough to answer both Becky's and my own emails with a single letter addressed to "Harris Family". While this logistical detail may seem insignificant, I take a small measure of pride in the fact that he's saving a bit of postage by collating his incoming mail.

More importantly, the letter we got back was very thorough--three and a half pages long. Even if it was a form letter that he is undoubtedly mailing to all his complaining constituents (like us), it did touch upon all of the key concerns we raised in our original emails. I'm also pleased that he answered our letter in a very timely manner. We got a response only a couple of days after our concerns were aired. I appreciate that.

Yet, what's more impressive, in my view, is that he had the courage to explain why he voted contrary to our wishes. He didn't do this with slick language or misdirection, like Chuck's Mr. Isakson. Instead, he explained himself, his vote, and a detailed list of what he thought were the benefits of the bill for which he voted. He acknowledged some very real concerns in foreign ownership of U.S. debt which have gone unmentioned in the press (my highlights on page 3). He also pointed out the pending FBI investigations, which I strongly support, as I believe the boards of directors and executives on Wall Street should be prosecuted for fraud and gross negligence.

Rep. Wolf didn't back away from his decision, and in the process of explaining his vote, I learned more about the bill than I had known before. Though the bailout still rankles me, I view it now as inevitable. I hope at least that the government buying up these failed finance monstrosities will at least bargain to get the best terms possible for our $1T "investment".

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