Senator Benntet's response

Senator Bennet actually appears to have read (or his staff, actually) my original note and responded - here is the response:

"Thank you for contacting me. I appreciate hearing from you.

Our nation is currently undergoing an economic upheaval, the likes of which we have not seen since the Great Depression. The number of unemployed Americans increased by 563,000 to 13.7 million in April 2009, and the unemployment rate rose to 8.9 percent overall. In Colorado, more than 58,000 workers have lost their jobs, and every day, more and more Coloradans fall behind in their mortgage payments.

It is important to remember that the seeds of the current economic turmoil were planted during the past eight years, when unregulated markets allowed financial institutions to swell and the housing market to balloon to unrealistic proportions. Even traditional advocates of deregulation, and the financial industry itself, have asked Congress to step in and help reform the system of regulation to create more certainty. We have seen a need for smarter regulation given the seriousness of the current financial meltdown. It will take bold action and a willingness to embrace new ideas to get our economy moving again. The work of the current Administration and Congress has been to address this crisis with every tool at our disposal.

Recovery will not happen overnight, but Congress must do more to stave off a prolonged recession and help working families. I believe that vigorous investments we have made are necessary to get our economy moving again. Through the American Recovery and Reinvestment Act (P.L.111-5), we have made targeted investments in energy, health care, education, and transportation that will help create jobs and grow our economy. In addition, the Fiscal Year 2010 Budget Resolution, which passed the Senate on April 2, 2009, lays the foundation for significant cost saving reforms to our health care system and energy sector.

That said, I certainly share your concerns over the current size of the deficit. As we work to revive the economy, we must do everything we can to put America back on the track toward fiscal responsibility. That is why I supported the Senate Budget Resolution, which went beyond President Obama’s plan by cutting the deficit by two-thirds by 2014, stimulating the economy in the short run and then reducing the deficit in the long run. We must work to reduce the deficit, because economic recovery will be short-lived if we mortgage our children’s future to achieve it.

Some have attempted to reduce these bold efforts to partisan talking points, asserting that, all told, the initiatives represent a return to “big government” or stereotypical “tax and spend” economic plans. I believe these arguments overlook the severity of our situation and mischaracterize the actual policy. For example, the American Recovery and Reinvestment Act cuts taxes for 95 percent of American families, and the Making Work Pay tax cut – which covers more Americans than any in history – is putting more than $900 million back into the pockets of more than 1.8 million Colorado families.

Coloradans need help now. As we invest in America and pave the way for long-term economic recovery, rest assured I will keep your thoughts in mind and work to serve as responsible steward of taxpayer funds.

Again, thank you for contacting me."

I still disagree with much of what he says - and he has taken an excessively political tone when discussing the origins of the current financial situation - its been building for much longer than 8 years - that just happens to be the two terms of President Bush - and as a good Democrat (rather than an honest broker and source of information) - he can't say anything that implies President Clinton had anything to do with it. Additionally, of course, the economy is the thing that Presidents have the least control over - even though they are blamed first when things go bad.

Finally, again, like Congressman Perlmutter, he kind of missed the point. He came closer than Congressman Perlmutter, but still focused too much upon the deficit and government as the solution - rather than the ease with which the government can be the problem and the high level of distrust (earned) in Congressional actions. Notice I'm clear that government isn't always the problem, and some actions of the government likely helped. Unfortunately, the actions that likely helped where likely the most unpopular - supporting the banks. In today's society, the availability of credit is vital to the economy of the country. I would like to see a longer term solution based upon restricting the size of an individual institution so it cannot be "too big to fail". And then the system should be able to allow the failure those institutions that are poorly managed, but the expansion of those that are not.

That still leaves the very human problem of the herd mentality. If a bank is making more money - even in the short term - by a particular practice, the odds are that most banks will follow the same path, despite the risks. There is an element of human nature involved that regulation is not going to fix - and if it tried too hard, the regulation becomes the problem.

Life Happens

That's as good a reason as any for my lack or recent posting - nothing specific, just life.

I just returned from visiting my daughter in Little Rock and had a very pleasant visit. Did some shooting and visited the Pea Ridge Battlefield.

Arkansas is a beautiful state - not one I know well. It's certainly different from the Western states I am more used to (and like better). The humidity would take some getting used to and the bugs are magnitudes more of a problem than in the Rockies - something I'd have to figure out, because if I lived in Arkansas I would enjoy doing some bushwacking up the streams in the Ozarks. Something I did a lot of as a kid in the Sierras.

I travel quite a bit, and one thing I've learned is that each State has its beauties. I assume that is true even of the more densely populated states (New Jersey comes to mind). There is lots to explore in the 50 states - I've only been in 28 so far.