Larsen’s rescue vote was responsible

Responding to the Oct. 4 letter, “Larsen isn’t listening to constituents”:

Regarding Rick Larsen’s vote on the financial rescue bill last week and the comment that only his fat-cat pockets will grow — I ask, where was the letter writer at one of the town meetings last week, where Congressman Larsen explained a portion of the bill and why it was important for him and all of Congress to pass this bill?

Why was it important for the plan to pass? Simply put, the plan frees up some of the frozen credit that consumers and small businesses across the country need to survive. As an example, even auto loans were becoming harder for consumers to qualify for. On the business side, many retail operations have had difficulty financing their inventory. Credit issues like these are not good for the economy, confidence and consumer spending, and the rescue plan was passed to help matters.

The legislation will help restore liquidity to the mortgage market, which will stabilize the housing market and protect home owners.

This removes all the “bad debt” from the books of the major banks and adds confidence for the consumer to start borrowing.

Rep. Larsen told us also how the loan will be paid back by mark-to-market purchasing (buy low and sell high when the market changes). These profits will go to pay down the debt. The government will not pocket these profits.

So I say “non-believers” — know the facts when you vote. Congressman Larsen is a friend in Snohomish County.

Karen Schweinfurth