Business

<< Previous   of   Next >>   ADVERTISEMENT   Related Stories • Pork packed into $700 billion bailout bill 10/3/08 • Monroe's Main Street speaks its mind on Wall Street 10/1/08   CONTACT THE HERALD Mike Benbow, Business Editor benbow@heraldnet.com   Published: Wednesday, October 1, 2008 What Herald readers say about the bailout plan By Mike Benbow Herald staff The House did the right thing by defeating the proposed financial bailout. Even a major plunge on Wall Street couldn't make people change their minds. That was the nearly unanimous opinion of members of The Herald's readership network who responded by 6 p.m. Tuesday to questions about Monday's actions. The network is not a scientific poll; it's just a way for people to express their opinion. With only one exception, those responding to whether Congress did the right thing Monday and whether the stock drop made them change their mind were pretty clear that they distrusted the bailout before the vote and they still don't like it. Here are some of their comments: Doris McCarthy, Everett: "We the American people don't even know how much money is truly needed. It's just some number that was made up." Patricia Burke, Everett: "I think if they simply take a deep breath, they will find that the market will correct itself (as it almost did already today) and the taxpayers can breathe a huge sigh of relief knowing that they won't be required to bail out a bunch of high rollers." Howard Bono, Everett: "Our elected officials need to come up with a proposal that is more thought out, that puts money in the hands of the people, not the businesses." Don Purvis, Everett: "The companies involved took risks when they loaned the monies. They were aware of the risks. When the risks took a bad turn, it was up to them to face their losses. There was no reason for us to cover the losses. I haven't changed my mind. Nor will I." Dennis Johnson, Everett: "The failure of this bill is the best thing for America. As economists have been saying, the problem is as much psychological as it is financial." Jeanne Rickey, Mill Creek: "There was no oversight, accountability or regulation with the original proposal. We got into this mess because of the lack of these elements. Wall Street was mad Monday, but they got over it Tuesday when the market gained back nearly 50 points. We must not let the middle class pay for decades for this debacle." Michael Stevens, Monroe: "The attitude was to get anything done so they could say that they accomplished something. I'd rather they do the right thing than just do something." Mel Suelzle, Bothell: "There was very little communication to the people on what was really going on. The government was buying assets and could recover much if not all of the money. This is not a bailout. It is a workout. People will wake up when they get their 401(k) statements and wonder where it all went." Dewey Reynolds, Edmonds: "The size of government is far too big, and we don't need it to grow further." Gary Rutherford, Tulalip: "Thank goodness, we have some members of Congress who are willing to stand up for what they see as an attempt to shift the balance of power from the legislative branch to the executive branch of government. This bailout bill gives too much power to a cabinet appointee in the executive branch and takes power from the legislative branch." Monika Galioto, Everett: "We need to iron out an agreement that is less of a burden on us taxpayers." READER COMMENTS Be the first to comment. You must be a registered user and verify your e-mail address to post comments to blogs or articles on HeraldNet. To register, click here. To read other terms and conditions, click here. Log out

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