Resentment growing over Wall Street bailout plan

September 23, 2008 by · Leave a Comment
Filed under: Legal News 

I watched the C-Span hearings today and I was happy to see enough outrage against that very draft version of a bailout bill we don’t need at this point. The Senators really did their job today and grilled them on this plan. I wish I heard more comments about not doing it at all but I feel the atmosphere was more about seeing if this plan had merit and how it would be executed. I think this is a bad idea in so many ways, we don’t need to prop up this system that is leveraged to the hilt and made a bunch of bad bets that now are trying to be put on our burden when we already have enough other unfunded liabilities to worry about, naming social security and at least some basic free preventative health care so we don’t have emergency room visits pushing up premiums.

New Release:

Architects of the bailout urged Congress on Tuesday to act swiftly or face dire consequences, and it was unclear whether any concerns expressed by voters would hamper its progress.

But lawmakers are sensitive to constituents, particularly in an election year. Republican Sen. Orrin Hatch from the conservative state of Utah said reaction to the plan from his constituents was “all negative.”

That comment was echoed by numerous callers to conservative talk shows and a new website VoteNoBailout.org (http://www.votenobailout.org) also aimed to rally support against the legislation, which it said effectively enabled bankers to take the country hostage.

MONEY BETTER SPENT

The bailout should include provisions for people facing foreclosure in the form of long-term, low interest loans, said civil rights leader Jesse Jackson, an authority on the impact of the home mortgage crisis.

“You can’t just provide benefits or bonuses for those who engineered the crisis and have a socialized bailout for them and leave the 7 million victims to their own devices,” Jackson said in an interview.

Congress had mistakenly bought into a belief in “unleashed capitalism without checks and balances” and was compromised in its ability to oversee Wall Street because lawmakers took financial contributions from corporate donors, Jackson said.

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