Public reacts to bailout

September 26, 2008 5:07:53 AM PDT
Congress may have reached a tentative deal on the bailout plan for Wall Street. But will the multi-billion dollar package be too little, too late?

Dozens of small protests popped up in cities around the country on Thursday. One group chose the North Side of Chicago in front of Congressman Rahm Emmanuel's office. Protesters are hoping a last-ditch effort will help convince Congress not to pass the president's $700 billion bailout.

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"We want people to support Main Street, not support Wall Street, say no to the Bush bailout," said Julie Sampson.

"We want to make sure we're investing in things that will help the middle class, and not just the CEOs who made these bad decisions," said Ryan Canney.

Bush outlined his strategy in a primetime speech Wednesday night. Some Chicagoans say his plan to rescue Wall Street is misguided and are worried that adding $700 billion to an already growing national deficit is a bad call.

"We've been through bad economies before, you let the chips fall where they may, that's how I feel about it, nothing he said was new, so I wasn't impressed with his speech," said Jeanette Ferguson.

"Somebody's got to be responsible for it, they've allowed CEOs to take advantage of the general public, and we're going to pay for it too," said Butch Stoffregen.

But others say the unprecedented rescue is necessary and will take a bi-partisan effort to make it happen.

Bush's bailout plan was a hot topic at lunch Thursday. Many who work in the financial industry - including Ted Longergan - say the president is making the right move.

"My reaction is that the cost of not acting is far greater than the cost of acting, and that it's a necessity. I think either candidate would be doing the same thing because it has to be done," said Longergan.

"I think it's a good idea. The taxpayers see it as $700 billion they've got to pay, but in the long run it's going to save the country money by bailing out these financial institutions," said David Ramsour.


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