Good Info on the Bailout

I received this email today and am posting it with the author's permission:

Secretary Paulson has proposed a $700 Billion Bailout of the mortgage debt by the government. This means you and me, tax payers, will pay the bill.
1) This increases the national debt by 7.3%. That's a lot, especially when we can't even afford to pay what we have now.
2) There will be interest every year on this loan on top of that number.
3) We have to pay about $2,600 plus interest per person in the US, if this passes, to bail out banks and mortgage companies that made these loans. That's over $15,000 for my family.
4) Taxes will have to go up to pay for this
5) Increasing taxes is inflationary as companies have to raise prices to pay those taxes
6) Other companies may go out of business because of this (they raise prices and people stop buying their products).
7) No one bails us out, or our businesses, if we make bad loans or investments.

I am a Davis County Delegate (10 of the past 12 years) and a Precinct Vice-chair (past 6 years). Everyone I hear running for office says they oppose higher taxes. A vote for the $700 Billion bailout is a vote for higher taxes, increase debt, inflation, and I believe we are creating a hole that will sink our country in the long run with all this debt and taxes.

As a Certified Financial Planner I am somewhat familiar with economics. This looks bad for the future in my view. Like Esau, we feel we have an immediate need and then sell our future for a mess of pottage. I don't like it.

I suggest writing your congressman and senators and expressing your thoughts on this proposed bailout. You can look them up on-line and fire off an e-mail in less than a minute. I am personally opposed to the bailout.

Brian Horne