Email I Just Sent Raul Grijalva's Campaign Manager

Hi Michelle

I just called the main campaign number and was told I should contact you by email. I made a donation to Congressman Grijalva's campaign earlier this year, at a house party. I believe it was $50, though perhaps it was $100.

After hearing that Congressman Grijalva voted against the bailout, I would like my money back. This was a time to make a courageous vote, one that was in the best interests of the Congressman's constituents even if many didn't realize it. If a member from a safe district like yours can't be counted on to show leadership and do the right thing, it's no wonder that someone like Giffords (my rep, for whom I will now not vote) wouldn't. The stakes are way too high for this stuff.

Please return my contribution to the following address:

[REDACTED]

Please also take me off your mailing list, as I won't be interested in supporting Congressman Grijalva in the future.

Sincerely,

Jonah B. Gelbach

Update: Here's my response to Orin Kerr's comment below (for some reason I can't get this comment to stick, so I'm using an update).

If the merits were obvious and widely accepted, then I don't think it would be particularly courageous to vote yes. The problem is precisely that they aren't.

That said, almost every economist I read and/or talk to thinks this bill was above the bar (the one I've talked to who doesn't knows who he is), and that the alternative of doing nothing is too bad to consider seriously. Of course, if you think the alternative to this bill is likely to be another, better one, then that's a different story. But my strong prior is that that scenario is wishful thinking: I fear we will get either nothing or something worse. I hope I'm wrong.

As to whether "the vote carries a sort of moral judgment rather than a mere personal disagreement," I think the best I can say is to echo Fed Vice Chair Donald Kohn, as paraphrased here:

it is bad public policy to hold the jobs of tens of millions hostage in an attempt to teach a few feckless financiers (or even somewhat more thriftless borrowers) even a much-deserved lesson.

Personally I think rolling the dice on the medium-run economic well-being of millions of people does rise to the level of moral judgment. I read a bunch of stuff on the Great Depression this summer, mostly by Ben Bernanke (it's not that widely known, but BB is a leading GD scholar). One of the things that jumps out at you is just how stupid the policymakers of the time were. And we don't even have their excuses: we know about the GD, and we know about Keynes, and we know how to avoid the disaster (or at least how best to try).

Finally, I will suggest some sites for good info about the economics of what's going on. In no particular order:

1. This column by Bruce Barlett, former Reagan and Bush/41 economist.

2. Andrew Samwick. Dartmouth econ prof, former economist at CEA under Bush/43, and a super-respected guy.

3. Paul Krugman's blog. Yes, I know Krugman is anathema to anyone who is not a political liberal. But whatever you think of his political ideas and columns, he is a giant of modern macro and knows this stuff cold.

4. Brad DeLong's blog. Ditto everything I just wrote about Krugman. If it bothers you, ignore the political stuff and just read the economics, which is extremely thorough and well-written

5. Felix Salmon

6. Jeff Frankel's blog