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September 21, 2008 Senator John McCain United States Senate Washington, D.C. Dear Senator McCain: America is in the throes of an economic crisis of such grave consequence that former Federal Reserve Chairman Alan Greenspan has described it as a "once in a hundred years" occurrence, which would make it potentially more devastating than the Great Depression. In reacting to this once in a century crisis, President Bush and Congressional leaders have reportedly reached an agreement to take yet another $700 billion dollars of taxpayer money to purchase bad debt from failing U.S. banks and other financial institutions. When implemented, the so-called rescue fund will increase America's public debt to $11.3 trillion dollars. In addition to the latest trillion-dollar crisis, we Americans face other overwhelming economic challenges: Social Security and Medicare are reportedly headed toward insolvency. Democrats would like to implement universal health care (socialized...
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