Vote on Dodd/Countrywide Bailout Scheduled for Tomorrow!

Dodd/Countrywide Bailout has been exposed

by: freedom works | published: 06 27, 2008

As you know, the Senate is currently considering a $300 billion mortgage bailout for the riskiest borrowers and their banks.  During this time it was revealed that Senator Chris Dodd (D-CT), the primary architect of the compromise bill that ultimately ended up on the Senate floor, had received a special “VIP” loan from Countrywide Financial, which stands to be one of the primary beneficiaries of the bill.  Thanks to your hard work over the past several weeks, the bad policy contained in the Dodd/Countrywide Bailout has been exposed and generated countless calls and emails from citizens all over the United States.  This has helped to stall the legislation a great deal.    

Unfortunately, the irresponsible economics and the VIP scandal are only the tip of the iceberg when it comes to the bad policy in the mortgage bailout.  Hidden within the bill is a provision added by Sen. Charles Grassley (R-IA) that would greatly expand the power of the Internal Revenue Service to monitor what you buy online.  Sen. Grassley’s provision would require the nation’s electronic payment systems to track, aggregate, and report information on nearly every electronic transaction to the federal government. This means that the government will be able to track everything you buy on sites like Amazon and eBay.  

This sweeping provision carries with it serious concerns about the state of privacy in the United States.  Since the provision was revealed late last week, groups on both the Right and the Left have joined together in expressing vocal opposition to this blatant violation of the privacy rights of every American citizen.

We’ve slowed it down, but things will come to a head tomorrow afternoon as Senate Majority Leader Harry Reid (D-NV) tries to invoke cloture and pass this legislation.  Please email your Senators to urge them to vote NO on the Dodd/Countrywide Mortgage Bailout Bill.  You can also call them directly by dialing 1-866-928-3035.

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