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Dear Senator Kennedy,
I am writing to you about financial and economic circumstances that will almost certainly rival, if not surpass, the most serious in living memory. As you are undoubtedly aware, our financial system is under severe strain and the general economy is almost certainly now experiencing a recession that will likely be amongst the worst this nation has ever experienced. As one who has followed and admired your career for decades, I recognize your tremendously generous nature and applaud your tireless instinct to assist those in need. However, in the interest of allowing the present financial and economic difficulties to subside and repair as soon as possible, I implore you to eschew all efforts to have the government assume the private liabilities individuals and/or institutions have incurred as a result of problems in the banking and real estate sectors.
As a nation with tenuous, even fragile federal finances, we absolutely can not afford to make public, private liabilities. To do so would cause even greater pain and upheaval than we are already destined to experience. It is a certainty that if we continue to head down such a path that our credit markets will, in a word, revolt, and savagely so, causing borrowing costs to increase to a degree that will crush whatever chances the economy has to recover.
I am not suggesting that nothing be done to alleviate the fallout from the banking and real estate debacles, only that certain specific courses of action, such as taxpayer funded bailouts, will only make far worse our prospects for recovery.