CALL TO ACTION: Financial Markets Crisis

Yesterday, like many, I was a bit panicked by the sudden drop in the markets. Much of which it appears to be gained back today. The markets are quite volatile now and it's hard to know which hit them the worst yesterday, the S&P downgrade or the comments from the S&P about why they issued the downgrade. Regardless, it is clear that not only are the ratings agencies not satisfied by Congress' actions, but neither is Wall Street.

I viewed this as a personal call to action yesterday and made a few phone calls to my Rep and Senators. I didn't have a pre-written script, but nevertheless wound up saying essentially the same to all of them. It was somthing like this:

 "I'm calling to request [Rep/Sen] to contact their leader and request an emergency session of Congress be conviened to address the financial meltdown occuring in the markets, specicifically by supoena of the heads of the major ratings agencies to determine from their perspective what is needed to stabilize both our credit and the markets"

There must be a few other folks out there making similar phone calls as I came accross this article this morning (headlining on FoxNews.com):

Pressure Mounts in House to End August Recess

With this article now showing up, I think it is appropriate to issue a "CALL TO ACTION" for others to make similar phone calls. My recommendations here go a step or two beyond my call, but the main points (in my opinion) should be:

1. Members should contact their leadership to cancel recess due to financial emergency and to instill confidence in markets that leadership is not just walking away from the problem.
2. Subpeona market leaders for advice, (ratings agencies, Fortune 50 CEOs), etc.
3. HEARINGS SHOULD BE PUBLIC ON CSPAN
4. ALL effort possible, 24/7 if needed, should be used to produce legislation to change spending course and achieve balance within 10 yrs LATEST.
5. PASS BALANCED BUDGET AMENDMENT

For the KS 3rd district, please use the following information during EST business hours:

Rep. Kevin Yoder
(202)225-2865

(Extra Credit - Speaker John Boehner)
(202)225-6205

Sen. Jerry Moran
(202)224-6521

Sen. Pat Roberts
(202)224-4774