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Congress must resist a quick fix

September 28, 2008

I concur that it is blatantly unfair for taxpayers to foot the bill for the mortgage industry's recklessness and greed. ("Bailout runs into populist backlash," Consumer Confidential, Sept. 24.)

Federal Reserve Chairman Ben S. Bernanke and Treasury Secretary Henry M. Paulson are giving no valid rationale that their proposal will protect taxpayers from huge losses. Congress needs to explore alternatives and toughen the rules with more stringent regulations.

Lawmakers should not panic with hastily conceived Band-Aid solutions. Congress needs to stay in session as long as it takes and not be stampeded to give the administration carte blanche without sufficient oversight. It has done too much of that in the last eight years.

Ira M. Landis

Ocean Hills

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