Today's letter was to the President, my two Senators and my Representative:
I learned from an article (http://snipr.com/jrsq4) in the Wall Street Journal (WSJ) today that up to 10 banks will be 'allowed' to repay up to $68 Billion in TARP funds. Since this money was borrowed from our children and grand-children, I think--as I suggested in an article (http://snipr.com/jrtpu) that I wrote back in 2008--we should apply it against the National Debt instead of simply putting it into the General Fund where it can be wasted by our profligate and irresponsible government. I am certain that the Congress can write legislation to that effect.
I was also given to understand that the Treasury is contemplating an open market sale of the 'warrants' which allowed the government to purchase shares at a fixed price for a period of 10 years. Any profits from this, combined with any dividends, stock sale profits, etc should also be sequestered for use against the National Debt. Again, this was borrowed money and should be used for nothing other than removing the debt from the backs of our posterity.
