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Posted: 8:12 PM Sep 25, 2008
Local Group Questions Federal Financial Bailout
A local group is questioning a nearly $700 billion federal government bailout of Wall Street, mainly because they said that Main Street U.S.A. is being left out.
Reporter: Will Jones Email Address: will.jones@wsaz.com |
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CHARLESTON, W.Va. (WSAZ) -- A local group is questioning a nearly $700 billion federal government bailout of Wall Street, mainly because they said that Main Street U.S.A. is being left out.
The government's top economic experts warn that without immediate action by Congress, Americans could slip into a financial panic. The West Virginia Citizen Action Group, however, wants to make sure Main Street is not forgotten.
In a prime time speech Wednesday, President Bush tried to sell taxpayers on the Wall Street bailout. But on Main Street Charleston, not everyone's buying it.
The West Virginia Citizen Action Group said it's taking a stand for homeowners and wants Congress to do the same.
"We think we should be a bottom up repair job, not necessarily a top down repair job," said Gary Zuckett of the West Virginia Citizen Action Group.
But the president argues what happens here affects every American --from small business to student loans.
Now, the debate remains in Congress over whether or not the current proposal will fix Wall Street and West Virginia leaders are weighing in.
Sen. Robert C. Byrd said, "The price tag for the American taxpayer has skyrocketed to staggering levels. I, along with the American people, am deeply disturbed by this. As we move forward, we must ensure that regular Americans are not stampeded in a rush to enact the administration's proposal."
Sen. Jay Rockefeller released a statement late Thursday afternoon. He said if there is a failure to act in Congress, West Virginians will certainly feel the effects.
The West Virginia Citizens Action Group wants Congress to take its time and think about the best plan. Members say just look to the Iraq War vote as an example of what happens when Congress moves too quickly.
Latest Comments
There is nothing the federal government does well, except to repeatedly tell the "American people" how we need them to take care of us! So thank you elected officials for taking my money and threatening me with a jail term if I were to try to refuse you anything, and for taking our rights away daily while pretending it is for our own good.
As long as we pay for the RICH to get RICHER why worry over the people they take it from getting POORER??? As long as THEY send it over seas or cry for WALL STREET Who cares if YOU SLEEP UNDER A BRIDGE or if YOU have a HOME or FOOD. That is why I have given up on OUR country. We hand it to THEM then cry when IT'S gone and we have nothing left. I wonder how many would know how to raise a garden if WE KEPT IT,or know how to milk a cow. THEY want it, then let THEM GROW IT, OR MAKE IT< OR MILK IT..Let us see how long the shoe would fit on the other foot.
You can bail out these companies, but the people are still poor. These comapanies have approved loans with horribly high interest rates that raise within a couple years, making people unable to afford to live if you count the raises in gas, utilities and food. They are not solving anything for the country by bailing out these companies. They made their money from the public with the high interest paid and they still couldn't take care of themselves? There is no help for people from this, like restructuring loans, etc. With my loan, I didn't even make $30,000 a year and somehow got approved for a loan of $100,000.00 with a high interest rate. Long story, but because of kids, inflation, etc., I can't keep up on my house payment. Although I haven't lost my house, we struggle without food sometimes to pay it. There is no resolve for the economy by taking care of these companies. Give the people the money and help them get back on their feet and then they will start spending money.
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