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Weekly Roundup

Welcome to this week's Round Up. I'd like to thank everyone in the 5th Congressional District who has called my offices with their opinions on the financial crisis facing our country. The decisions that Congress will make in the coming days will be some of the most important of our lifetimes, and foremost in my mind is the protection of America's taxpayers. I'll have much more on this next week. Now, for the rest of the Round Up:

The Energy Jolt:
This week's Energy Jolt reminded everyone that the United States holds more than enough oil reserves to satisfy 100% of U.S. consumption. However, these American energy resources are off-limits.

*GOOD NEWS*: We have reports that the Democrats have succumb to the protests of millions of Americans to open up off-shore drilling. If these reports are true, the off-shore drill ban will expire at the end of the month, and we will have finally won a decades long battle! We are monitoring this very closely and will have more news next week.

The Pork Platter:
This week's Pork Platter discussed how $1,000,000 of our tax dollars funded "water free urinals." Although I support water conservation, I do not believe tax dollars should be spent on urinals! The fight continues to end wasteful spending.

Thank you for reading this week's wrap, and I encourage everyone to leave comments and check back next week.

Posted by Dan Burton (09-26-2008, 10:22 AM) filed under

Comments
Comment by: I. K. Raag
September 26, 2008 08:36 PM

I urge you to lead as the bill regarding our countrys'financial crisis take form. Please help keep polititics out of this decision. I urge you to think of all Americans not just republicans. Hoosiers and all Americans are counting on our leaders. God bless -we are praying for you!

Comment by: Kenneth Bruce
September 26, 2008 11:35 PM

Keep fighting for off shore drilling and keep fighting government waste.

I am very angry though about the "bumb rush" put on us, to get the Wall Street bailout through this week. Please look into this deeper. It feels like this is being pushed through for one of two reasons.

One, it is being rushed through before the citizens who are flipping the bill know what hit them. Two, it stinks of people trying too push it through before there are too many stones turned over and someone is exposed for causing this fiasco.

I think there should be full investigations into the crooks who caused this and all of their Washington connections should be exposed.

I am opposed to this because it smells of Socialism and the government is getting it's hands too deep into the private sector. If it is going to be done, and I become a "shareholder" I want assurance that there are no more CEO's taking huge golden parachutes for doing nothing, other than gambling on long shots.

If there's $700b available, then give it back too the taxpayers and let us reinvest by paying down our outstanding credit. Do it from the bottom up. I know this will never happen, because we are not smart enough too handle money like the fat cats in Washington.

What about tax breaks? What about suspending capital gains? What about stimulating business that actually produces something?

Please dig deep into this before it is voted on.

I fear this will be slipped through, right under our noses over the weekend.

Comment by: wendy rae
September 27, 2008 04:32 PM

Mr. Burton,

I wanted to send you a note of thanks for voting NO to HR 2638- What most Americans do not understand is that this bailout is only 1 part of what is ruining our country. Thank you so much for voting against granting the Department of Homeland Security 638+ billion more dollars with which to rob, steal, harass and imprison Americas own public. I know that the legislation passed anyway, but the fact that you were voting FOR the people says something. Mike Pence also voted against this monstrous atrocity. By the way, I would seriously like to know why we need a "homeland Security" as this is not NAZI GERMANY.
Is it?

Comment by: Don Berger
September 28, 2008 10:07 AM

How dare you suport the financial bail out. I guarantee you will never get another vote of mine and I will do everything I can to get you and the others that voted for this bailout out of congress. You should be ashamed of your position and what you and others have done to this country.
Don Berger
Carmel, IN

Comment by: Scott McNamara
September 28, 2008 10:53 PM

Dear Mr. Burton,
The president assures us that his administration "is working with Congress to address the root cause behind much of the instability in our markets." Care to take a guess at whether the Federal Reserve and its money creation spree were even mentioned?

Then come the scare tactics. If we don't give dictatorial powers to the Treasury Secretary "the stock market would drop even more, which would reduce the value of your retirement account. The value of your home could plummet." Left unsaid, naturally, is that with the bailout and all the money and credit that must be produced out of thin air to fund it, the value of your retirement account will drop anyway, because the value of the dollar will suffer a precipitous decline. As for home prices, they are obviously much too high, and supply and demand cannot equilibrate if government insists on propping them up.

I don't want or need bailed out or rescued. PLEASE represent me and my family. The American people are watching more closely than ever. Don't take more loans from China or any other country. Let's figure it out ourselves!
Respectfully. Scott McNamara

Comment by: Greg Morris
September 29, 2008 08:53 AM

I am in your district...Carmel. I'm not a banker and I'm not a trader on Wall Street. My wife and I have a 401K and we have good jobs. We would like to keep both. Please vote for the financial package. It is not a bailout of Wall Street. It is a lifeline for all of us. Thank you. Greg Morris

Comment by: jill shewmaker
September 29, 2008 09:08 PM

I am disappointed that you don't have more information on your website about the financial crisis and why you voted no. I believe that you owe the people you serve an explanantion of why you voted no today!

Comment by: thor peterson
September 30, 2008 00:53 AM

Mr. Burton,

Where do I find your position on the most important financial issue this country has faced in my lifetime?

Comment by: Stefan
September 30, 2008 03:09 AM

Dear Rep. Burton,
It is my hope that you voted against the bailout bill. Like many other Hoosiers, I believe it is time to stop extending credit to people who can't afford it. Stop giving mortgages to people who can't make the payments. And definitly, don't make the rest of us pay for the mistakes of the companies that were foolish enough to go down this treacherous path.
Additionally, I do not want my government overseeing or owning my banking, mortgage, insurance or health care. Unless we as Americans decide we want to become a Socialist nation and let the government decide what is best for us as a whole, we need to "let the chips fall where they may."
Personally, I will not be affected by the fall of AIG, Washington Mutual or any of the others that have or may happen in the near future. I am 27-years old, married, and am five months away from being debt-free except for our mortgage.
I am not invested in the stock market. That is on the list to do once we have finished paying off everything but the mortgage and have saved up some money. -See Dave Ramsey's Baby Steps.
Additionally, I am scheduled for two promotions in the next six weeks and my wife and I are making almost twice as much as we were last year.
The stock market is inherently risky. Just because it dropped 700 points today doesn't mean the bailout should have passed. It just means that it is on its way of finding an appropriate level for a market that will no longer lend money to people who won't pay it back.
Thirty years ago, there weren't credit cards. If someone didn't have the money, they didn't buy it. People who are following this mantra today are thriving. Don't punish them through increased taxes by aiding those who were not smart with their money. It will only allow them to continue making bad decisions.
Democrats stated that Republicans voted against the bailout because they were more concerned about their own jobs than the welfare of the taxpayers. And I assume from the wording on your blog, the taxpayers, who you represent, wrote en masse wanting you to vote against the measure. Going against the voice of your constituents is saying you know what is better for them then they do. And I fully expect that any member of the House who voted for this bailout when a majority of their constituents called saying to vote against it will not be representing those constituents for much longer.

Comment by: Don & Pauline Scholer
September 30, 2008 09:20 AM

We are appalled to see that our rep. voted against what was a plan to help our country deal with a major crisis. We are retired school teachers who have seen our retirement that we planned and saved for go down the tubes. That your vote against the plan was so clearly a case of putting self interests above that of the country was more than disappointing. Shame on you--and heaven help our country!
Don and Pauline Scholer

Comment by: Carl Schnaufer
September 30, 2008 10:06 AM

Please consider the hard working Hoosier who has paid his bills, didn't overextend himself in an easy to get, credit frenzy, and is NOT in a crisis right now nor will he be in the relative future.

We've saved and buy what we can afford...The ones in CRISIS are those who have over extended themselves and those who placed their future in the arms of Wall street investments. I and my voting family are OPPOSED to a bail out...Make it a loan, reverse SOX or vote NO please.

Regards,

Carl Schnaufer

Comment by: Bruce Barker
September 30, 2008 10:22 AM

Thank you for voting no to the financial bailout bill. I do not believe there is a crisis and taxpayers should not have to take on the debt to give money to bankers. I am a resident of Carmel. In the last month, I have received 3 loans totaling $40K. $10K was for household goods and were interest free loans. The third load was for a car and the interest is only 7.125% for a used car. All 3 loans required no money down. My business also has 2 credit lines and neither bank has called to reduce my available credit or to increase my interest rate. If there really was a financial crisis, none of this would be true. So please continue to vote no to the financial bailout of bankers.


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