CNN iReport

My Representative Rep. John Mica voted against the bailout and sent me a simple letter explaining why.

His Letter:

Mica Statement on Financial Bailout Legislation

WASHINGTON, D.C. – U.S. Congressman John L. Mica (R-7th District) today made the following statement following his NO vote on the House Financial Bailout package.       

“While it is vitally important that Congress address the current credit crisis, I could not in good conscious vote for the bailout bill as proposed.

Asking hard working Americans to pay for failed speculative investments by having the government use taxpayer money to buy bad mortgages violates every principle of fairness.

Having written the airline financial rescue plan after 9/11, I would have preferred a similar loan guarantee approach since that plan resulted in all loans being repaid and taxpayers made a third of a billion dollars.”

>>>>>>

Here's the tab from Washington folks (Source: Reuters)...enjoy.

Bailout type      Cost to taxpayers

Financial bailout package approved this week     up to or more than $700 billion

Bear Stearns financing      $29 billion

Fannie Mae and Freddie Mac nationalization      $200 billion

AIG loan and nationalization      $85 billion

Federal Housing Administration housing rescue bill      $300 billion

Mortgage community grants      $4 billion

JPMorgan Chase repayments      $87 billion

Loans to banks via Fed's Term Auction Facility      $200 billion+

Loans from Depression-era Exchange Stabilization Fund      $50 billion

Purchases of mortgage securities by Fannie Mae and Freddie Mac      $144 billion

POSSIBLE TOTAL      $1.8 trillion+

NUMBER OF HOUSEHOLDS PER U.S. CENSUS     105,480,101

POSSIBLE COST PER HOUSEHOLD      $17,064+

This doesn't include the US automaker 'loan' of ~$230 billion.

I could feed my family of 5 for 2 years on that!!!!! Nice job congress (please insert buckets of sarcasm).