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Local bailout plan reaction

READ MORE: Local bailout plan reaction
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Experts said a bailout is exactly what we need to see improvements in our area, but not everyone agrees. Others did not see the point in their tax dollars going all the way to New York. After Congress said no to the $700 billion bailout, the ensuing drop in the stock market could be seen on the walls at UNCW’S financial lab Monday. Residents were not the only ones concerned with the proposal. Joann Hinson is skeptic of the plan. “I feel like it would only help the rich.” Despite the skepticism UNCW Executive Professor of Economics and Finance, Thomas Simpson, said the bailout would actually help local residents. “From the standpoint of job prospects, for example, if something isn't done, the implications for the economy are not very favorable and so that would mean a lot of people could be out of work.” Others are concerned with bank buyouts, like Citigroup taking over Wachovia. “I know too many people that worked so hard and they lost their home. They couldn't make the payment, why? Because there was nothing there for them.” said Susan Miller, another bailout skeptic. But Simpson said a bailout should only help those in need of money. “If this doesn't happen and credit becomes even more difficult to get, then the implications for the economy and for job prospects are going to get worse.” Residents believe banks and other lenders aren't going to hand out loans easily. “You put your hand in your pocket and you hold onto it. I think that's what's going to happen. I don't think that companies are going to continue to loan money, that's what got us here in the first place.” said Phil Denston, a concerned taxpayer. They feel individuals should see more of a benefit from the billions of dollars. Professor Simpson believes we will see a plan approved by the middle of the week. He said because it is an election year, representatives want to approve the bailout before people head to the polls.

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Just vote no to the plan!!!!!!!!!!!!!

Let the free markets do the clean-up. The government should go after the billions dollars taken away by the failed executives.

Perhaps

Perhaps Commonsensenotcommontoday can survive a recession, but how about a lengthy world-wide DEPRESSION????

Yeah, better than most

...but there's no reason to anticipate anything like the Great Depression occurring anytime soon. But if comes, I'll handle it well and figure out some way to capitalize on it. Even in Economics and Financial Planning, the survival of the fittest rings true.

Karl Marx Economy

Karl Marx’s Proposal Number Five in his Communist Manifesto seems to be the leading motivation for those backing the Wall Street bailout

wake up people

oh seriously. did anyone watch the news? this 700 billion dollars is too be paid by the taxpayers. I sure as heck don't know if I want to foot this bill. Not only this 700 billion bailout but another bill worth 632 billon is being put in front of Bush at the moment and we as taxpayers are responsible for that too. I am tired of "paying" for wall streets mistakes. Not only that but those who decided to get a home loan out of their payment range and then we bail them out. I am not getting a pay check just to give it to the government. I am working to support my family. This bailout stinks. Lets have all the CEO's with all the money pay for it. Not only that but those who supposedly represent our country foot the bill too.

I can survive a recession. Can you?

This plan wasn't perfect, by a long shot. In fact, in some ways it stunk to high heaven. What's truly sad, however, is that if today had been the day AFTER election day, it would have passed by a near unanimous vote....because as bad as it was, it was better than no plan at all....and every one of those spineless politicians knows that we need to do something right now to keep the credit market from locking up tighter than a drum. If you look at the increasing spread between treasuries and LIBOR and the shortage of short-term bridge loans going out to even the strongest corporations, you'd realize that this is no longer a case of simply "bailing out Wall Street." When your compnay can't cut paychecks on time because they have a big bond interest payment due the same day as your pay is due, you'll understand how problems on Wall Street become problems on Main Street very quickly. So prepare for a punishing recession as growth grinds to a screeching halt. BTW, all those rich people you hate will weather it a lot better than you.

Perhaps you can survive a

Perhaps you can survive a recession, but how about a lengthy DEPRESSION???

No worries

BTW, all those rich people you hate will weather it a lot better than you. Unless............. You are one of the few Americans in the middle class who has not lost their job and whos employer has stability, who spends less than 65% of their gross income on bills, who invested in mutuals/bonds/IRAs rather than 401s, who has relied on saving then buying rather than credit-credit-credit...... Nothing agains the "richies"but to be middle class and to use common sense along the way has finally paid off. I will weather this storm just fine.... Point. STOP living on credit...Save THEN buy.....Don't live beyond your means, and make sure youre investments aare for the long term and not the short term........ I'm laughing my way to the bank.I'm in no trouble at all............ Well..... yet...

You batted .850

Okay, in the middle of an exceptionally sensible and rational post, we find this oddity: "who invested in mutuals/bonds/IRAs rather than 401s" How in the world is investing in a 401 plan of any type reckless? It is just about the best deal the average middle class investor will get in his life. They are normally made up of the same index funds, mutual funds, stocks, and bonds you buy. So the only difference between you buying a bond (outside a Traditional IRA) or Mister Smith buying a bond in his 401k is that you pay full price with after-tax money, whereas he pays a reduced price (his employer pays the rest) and he uses PRE-tax money, which reduces his taxable gross. When President Obama tries to increase Mister Smith's taxes, he can simply increase his 401k deduction and avoid paying increased taxes to the Left Wing Socialists. (I have to now differentiate between them and the Right Wing Socialists led by Paulson and Bernanke.) BTW, if you think you're shielded, guess again. How did you mutual funds and IRA do yesterday? Credit isn't inherently evil. It simply needs to be managed well. The problem now is irresponsible individual credit, coupled with overly creative financial management practices in the global banking system has led to a severe slowdown of credit at the inter-bank and corporate level. At those levels, credit is seldom abused, but is absolutely essential to economic growth and day-to-day activity.

...hahhaaa

"When President Obama tries to increase Mister Smith's taxes" Only if Mr. Smith is making 250,000 or more. Glad to see you have come around to the idea of Obama as Prez. Have you read his plan on taxes? Show me where he plans on raising taxes for us NORMAL middle class people and I will eat my hat. Of course what they say and what they do/can do in office are 2 different things, so don't believe everything you hear out of Saint McCains (gag) face either.

Nobama's tax plan

Nobama's plan is to let the tax cuts expire which WILL raise taxes on anyone making in excess of $42,000/year. "Show me where he plans on raising taxes for us NORMAL middle class people and I will eat my hat." Come back and let us know how tasty your hat was.

Check the Senate votes on 13 and 14 March of this year

Senate CR 70: Obama (and Clinton) voted in favor of a 3% increase on anyone in the 25, 28, and 31% tax brackets. The 25% tax bracket starts at an AGI of $31,850 An AGI of $31,850 corresponds to a gross income of approximately $42,000 Take the time to check out their voting records, rather than listening to their lies and spin, Das. Don't be one of the people who vote for a candidate without knowing where he REALLY stands. You may be very surprised when you realize what Obama really means when he says that he's going to TAKE CARE OF the middle class...

Re-Read the entire post

It is a very naive belief to think the entire economy and all of the middle class taxpayers will not be affected. Watch price increases for many goods we all use daily increase to help struggling Companies cover expenses. Watch pay raise freezes as employers struggle to make ends meet. Watch the local economy when beach properties do not attain anticipated rental income and activity in the next 12 months. All of your points are good; none the less all of us in the local economy may be affected.

I totally agree with you.

I totally agree with you. Like this plan or not, the rich will somehow find a way to get richer and unless something is done quickly we may see another stock market crash.

Maybe the rich are just

Maybe the rich are just smarter.

Or

maybe just maybe the rich have worked a little harder. Im not rich but just sayin.