Bailout prompts protest, support in Chicago

October 2, 2008 8:33:41 AM PDT
As Congress considers a possible $700 billion financial industry bailout package, groups in Chicago are both protesting and supporting the plan. They're protesting on Chicago's LaSalle Street, but Chicago Jobs with Justice hopes their shouts are heard in Washington. The group wants Congress to invest in America's healthcare and stimulate jobs instead of Wall Street.

At the meeting of the Chicago Council on Global Affairs there was support for the rescue plan. Panelists say it's not the best plan but it's a step in a better direction.

"We don't have a lot of time to waste because what we've already seen, eroding so rapidly. And the markets have frozen so much. The consequences and the human toll are too much to risk," said Diane Swonk, Mesirow Financial Holdings Inc.

"The new administration will have to do a lot of additional things on top of this plan. This plan is just a first step," said David Hale, David Hale Global Economics.

Both Senators Barack Obama and John McCain, both presidential hopefuls, offers support for the revised plan.

"Over a week ago, i demanded that this plan include specific proposals to protect the American taxpayer. Protections that the administration eventually agreed to as did Democrats and Republicans in Congress," said Obama.

"I'm pleased to report today, I'll be returning to the floor (of the) Senate to vote on a bill that marks a decisive step in the right direction. But only in the right direction," said McCain.

The plan was tweaked from the failed proposal that went before the house on Monday. It still calls for up to $700 billion, but also prevents some middle class Americans from incurring the alternative minimum tax and raises the amount insured by the FDIC on individual account holders. The compromises come with unifying language from both parties.

"We're in the process of setting that aside, rising to the challenge, both democrats and republicans, and doing what's right for the American people," said U.S. Sen. Mitch McConnell (R), Minority Leader

"Now is our time to work. Not as Democrats, not as Republicans, but as guardians of the public trust to forge a better day ahead," said U.S. Sen. Harry Reid (D), Majority Leader

"It's very important for us to pass this piece of legislation so as to stabilize the situation. So it doesn't get worse. And that our fellow citizens lose wealth and work," said President Bush.

If the plan is approved Wednesday night, it's expected to go to the house for a vote on Friday.

Congressmen, many who are home now, are still receiving comments from Illinoisans about this plan.


Load Comments