Web posted
Wednesday, October 1, 2008
Local reaction mixed on bailout
By FOSS FARRAR
Traveler Staff Writer
reporter@arkcity.net
Arkansas City area people in the downtown area Tuesday were unsympathetic toward Wall Street, but most agreed that something needs to be done to fix the country's financial system.
Only two of eight people questioned in a "man on the street" interview flatly said no, they were not in favor of a bailout plan for Wall Street.
"They don't bail us out, do they?" said Judy Jenson. "I think it (the economy) will take care of itself. They just need to do housekeeping on Wall Street."
Taking the other side, Ronnie Davis said: "I'm for it. It beats just sitting there."
Key lawmakers pledged to keep working on a rescue plan for the financial sector, after the U.S. House rejected a $700 billion bailout plan by a narrow margin Monday.
Meanwhile, Wall Street on Tuesday snapped back after its biggest sell-off in years, according to the Associated Press. The recovery in stocks wasn't unexpected as carnage on Wall Street often attracts bargain hunters, though questions remain about how investors will proceed.
"The stock market rebounded 50 percent with nothing happening," said Ark City businessman Jim Sybrant. "If it rebounds another 50 percent tomorrow, do we need a bailout?"
Sybrant said money is needed in the credit system, but it shouldn't be given to the big companies that loan it poorly, but to smaller banks that deal with individuals who can't pay off loans and mortgages. The government could give money to those banks and let them deal with debtors.
"I don't want to see the government create a new system of collection," he said.
Five others gave mixed responses to the bailout question.
Jessica Latham: "Of course," she said, indicating she favored the plan. "Honestly, I don't know (why). I've just been keeping an eye on CNN. If we don't do it, it's wrong. But if we do do it, it's wrong, too."
Pam Newman: "I'm for it, but as long as it's a good one. The one they had sounded pretty good."
Jim McNickle: "I'm for a different plant than what's been proposed. I'd rather not bail out Wall Street. I'd rather bail out the people who have borrowed money."
Kim Ebert: "I'm for it because of the fact we've let it get to this point. There's not a 'for' or 'against' at this point.We have to do something to stabilize the economy, housing and unemployment ... And don't throw away the history book; learn from this as we should have learned from the Great Depression."
Bill Brooks: "I'm not for it. I think they should do a lot of other things before that. Foreign aid should be brought back first. Older people should be cared for."
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