Last week, I submitted my concerns about the bailout and my questions on student loans to Senator Robert Casey’s website. I submitted my comments under the “Education” option from the drop down menu (because it was more about college than mortgage) and asked about what the Senator was doing to help his Gen Y constituents. I even sent him links to various Gen Y bloggers who had similar concerns.
Today, I received his response. In which he makes no comment about student loans, Gen Y or the links that were sent. I know some intern on his staff probably skimmed the letter and picked a form response but I am still fairly annoyed.
For your reading pleasure, I’ve posted the form letter I have received and my response to his letter below. If you haven’t already contacted your Senator and Representatives, it is so easy to do and I highly recommend you get involved and say something. Now is the time to show Washington that Millennials are a force to be acknowledged.
Dear Mrs. Morgan:
Thank you for taking the time to contact me regarding the proposal to stabilize the economy and our financial infrastructure. I appreciate hearing from all Pennsylvanians about the issues that matter most to them.
On Wednesday, October 1, the Senate passed H.R. 1424, the Emergency Economic Stabilization Act of 2008, a bill that will stabilize our credit markets, protect retirement and pension savings, modify troubled loans and protect taxpayers from paying for Wall Street’s mistakes. After careful consideration, I decided to vote for this legislation.
This is a time of great economic uncertainty in our Nation’s history. For many families in Pennsylvania and throughout the country, the recession has been part of their lives for many months now. Just this week we learned that the unemployment rate in Pennsylvania went from 5.4% to 5.8% in the month of August and for some parts of the state it went up far more than half a percentage point. We also learned that in the month of August the foreclosure rate in Pennsylvania went up by more than 60% from the previous year. The job loss and foreclosure rates are indicators of the economic trauma that many families have felt in Pennsylvania and across America.
Like you, I am not happy with the current crisis, and I’m angry about the climate of deregulation and deference to Wall Street over the last eight years that got us into this mess. However, failing to act will not simply punish those who brought us to this situation; it will punish everyone.
The Emergency Economic Stabilization Act of 2008 (EESA) provides up to $700 billion to the Secretary of the Treasury to buy mortgages and other assets that are clogging the balance sheets of financial institutions and making it difficult for working families, small businesses and other companies to access credit. After purchasing these assets, the Department of Treasury will hold them until markets for them recover. Treasury would then plan to sell these assets for a profit, recouping most or all of the $700 billion for the benefit of taxpayers.
You should know that Congress has significantly improved the original proposal presented by the Bush administration. In the version passed by the Senate, executives will be held accountable for their past decisions through limitations on compensation, prohibitions against golden parachutes or excessive retirement packages, and requirements that unearned bonuses be returned. As improved by the Senate, the legislation also requires participating companies to provide warrants and other forms of equity so that taxpayers will share in the profits if the stock of these companies goes up as a result of Treasury Department intervention.
The EESA also contains several provisions directed at stemming the tide of mortgage foreclosures thereby keeping families in their homes and addressing the root cause which has led to a loss of investor confidence and the freezing of credit markets. It would require the Treasury Department, where possible, to modify troubled loans to help American families keep their homes. It would also expand the HOPE for Homeowners program and require other federal agencies to modify loans that they own or control.
To ensure that Treasury isn’t just getting a blank check, the legislation makes $250 billion available immediately, then requires the President to certify that additional funds are needed. The Treasury must report on the use of the funds and on progress in addressing the crisis. The bill establishes an Oversight Board so that the Treasury cannot act in an arbitrary manner and establishes a special inspector general to protect against waste, fraud and abuse.
The United States is in a financial crisis that could become worse than anything in a generation. In addition, our Nation’s problems are already spreading into the global economy. If the federal government fails to take action right now, there is a real threat to small businesses and jobs, as well as mortgages, pensions and savings.
For all these reasons, I concluded that Congress must act now, and I decided to vote in favor of H.R. 1424. In the last two weeks, I have worked hard to be sure that this bill includes provisions to help families who are struggling. I’ve closely questioned and sent two detailed letters to Treasury Secretary Paulson, Federal Reserve Chairman Bernanke and also spoke to leading economists about this legislation.
Enactment of this legislation is only the first in a series of steps we must take to bring about economic recovery. We need to institute rigorous and aggressive regulation of players in the market place in order to prevent the abuses which caused our economic problems.
Again, thank you for sharing your thoughts with me. Please do not hesitate to contact me in the future about this or any other matter of importance to you.
If you have access to the Internet, I encourage you to visit my web site, http://casey.senate.gov. I invite you to use this online office as a comprehensive resource to stay up-to-date on my work in Washington, request assistance from my office or share with me your thoughts on the issues that matter most to you and to Pennsylvania.
Sincerely,
Bob Casey
United States Senator
Dear Senator Casey,
Thank you for taking the time to send me a form letter.
Sadly, your form letter did not address the questions I posed to you and your staff. It makes me wonder if you truly heard the issues that matter most to your constituents.
Before I go any further, let me tell you how disappointed I am to know that you did in fact vote for H.R. 1424, the Emergency Economic Stabilization Act of 2008. It does not protect taxpayers from paying for Wall Street’s mistakes and I am very concerned that you seem to think it does. Keeping a family in a home who cannot afford said home does not make any sense. My husband and I did not even consider making the major purchase of home ownership until we were convinced beyond a shadow of a doubt that we could do so responsibly and without jeopardizing our financial future.
Continuing on my initial attempt to communicate with you and your staff: What are you doing to help those of us with student loans? While this may not be a major concern of older Pennsylvanians, it is a major concern for young professionals (who will eventually be providing key services for older Pennsylvanians) and young families. With sky rocketing tuition, more and more young Pennsylvania voters are graduating with student loan payments that are larger than a monthly mortgage payment.
What are you going to do to help younger Pennsylvanians?
Quite frankly, the idea of any sort of bailout disgusts me. But if relief is being offered to homeowners, it should be offered to young professionals as well.
I look forward to seeing your response.
Kind Regards,
Mrs. Dorie A. Morgan
PS – The act of email and an online submission form for initial contact implies access to internet. Perhaps you should rephrase that portion of your letter and provide other, non-electronic means of contact.
Greg Rollett said...
1Dorie,
Thanks for taking an initiative and standing up for those that the government perceives only has a small voice. You raised issues that are often overlooked and neglected in office. I hope that you do get a real response, from a real person.
I just talked on my sit yesterday about the importance of personal contact. The e-mail form is the tackiest way to speak and learn from your viewers, customers, fans, etc. It puts a robotic feel to your question and in return you got a robotic response.
Unfortunately, I do not think that will turn around anytime soon, but hey, some Senators are starting to pick up Twitter, so there is hope. And I bet Mr. Casey has some intern running Google Alerts for his name, every politician has an ego, so I bet he sees this in time!
Cheers!
10/3/08 8:57 AM | Comment Link
Dorie said...
2@Greg – Thanks for the Twitter love!
I’m still waiting to see what Arlen Specter will say – hopefully his response will not be a form letter but I’ll post those interactions as well.
10/3/08 10:30 AM | Comment Link
Greg Rollett said...
3Let’s hope so!
10/3/08 1:38 PM | Comment Link
Sandra said...
4good for you dorie…isn’t it horrible how they always have those “premade” emails to send out. It pisses me off so much.
10/3/08 4:43 PM | Comment Link
Dorie said...
5@Sandra – Isn’t it disappointing? I always expect more from our representatvies and their staff and I’m always left wanting more.
10/3/08 8:15 PM | Comment Link
Kathrin said...
6I never received a substantial response to the letters I have sent to Casey or Specter.
However, Specter did help a high profile client get an expedited vias a for his wife a few years back. I was amazed what ONE call from a Senator could do. Usually those visas take weeks to obtain, but our client’s wife had hers within 48 hours.
10/4/08 1:43 PM | Comment Link
Dorie said...
7@Kathrin – Still no word from Specter. And still no word from Patrick Murphy.
My friend Rachel’s husband is a Canadian citizen and they’ve been trying to get him through immigration for over a year now. From what I can tell, Specter and Casey haven’t done too much to help, despite letters and calls to their offices. Its been really frustrating for Rachel and her husband. If only they were high profile and not twenty somethings!
10/6/08 3:50 PM | Comment Link
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04/3/12 9:17 PM | Comment Link