Home > Uncategorized > Citizens express skepticism over proposed bailout of financial firms

Citizens express skepticism over proposed bailout of financial firms

Citizens express skepticism over proposed bailout of financial firms
By Christina Edwards
September 24, 2008

In the face of a national financial crisis, chairman of the Federal Reserve Ben Bernanke’s proposed plan for a $700 billion bailout for U.S. financial firms is doing little to assuage worries in Burlington, N.C.

“I think there are good points and bad points to the plan, but I hope it does help the economy. We’re the ones who have to bear the burden,” said Sonja Hopkins, who works at the Kangaroo Express station near Elon University. “I just think we need to be a little more careful on who we lend money to.”

Legislation for the plan is expected to come to the House and Senate floors sometime this week. Democratic Congress leaders Nancy Pelosi, House Speaker, and Harry Reid, Senate majority leader, plan to meet with others to form a proposed strategy.

The proposed bailout, if approved, will equal $2,333 for every American. Democrats have raised concerns that the plan comes at the expense of the middle and lower class tax-payers in benefit of large corporations.

“There is no more middle class,” said Glenda Roberson, waitress at Skids Restaurant. “I think the world is in bad shape, and it’s going to take more than a new President to fix it.”

Roberson and a customer expressed concern over the U.S. financial state in relation to other countries, fearing for the economy stability of the nation.

“Look at everything you buy, where’s it from? China,” said Shirl Walsh, Burlington resident. “I’m almost surprised China’s not buying out these firms.”

The FBI is currently investigating 26 firms in the financial collapse. The crisis combines with an already weak economy where many in the struggle to for gas and groceries. Bernanke and members of the Bush Administration are pushing for an acceptance of the bailout this week for restoration in the economy.

“We can go to war, but nothing happens. Look at how much money we’re spending over there. Why can’t we stay here and spend that money here? We should be taken care of people in our own country instead staying over there and killing people,” said Roberson.

“You just get so disgusted you can’t even eat. I have to turn the news off because I get so disgusted,” said Walsh.

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