Keyword Search:
text size: A | A | A
Few Supporters for Bailout on D.C. Streets
   posted 6:11 pm Wed October 01, 2008 - WASHINGTON
ABC 7 News - Few Supporters for Bailout on D.C. Streets
  ABC 7 News - Share Few Supporters for Bailout on D.C. Streets  ABC 7 News - Print Few Supporters for Bailout on D.C. Streets  ABC 7 News - Email Few Supporters for Bailout on D.C. Streets  ABC 7 News - RSS Feeds  ABC 7 News - Send Few Supporters for Bailout on D.C. Streets via Instant Messager
ABC 7 News - Share This Article
related stories:
Stay on top of breaking news! Sign up for ABC 7 News e-mail alerts.
Your Email:  

The U.S. Senate is set to vote Wednesday night on a revised bailout of Wall Street, and there are high hopes on Capitol Hill that this sweetened version will not go down in flames.

Lawmakers added numerous provisions to the bill designed to attract skeptical House Republicans, including raising the FDIC insurance on individual bank accounts to $250,000, tax breaks that could save 20 million people an average $2,000 a year, an adjustment the alternative minimum tax, tax relief for disaster victims and initiatives to promote renewable energy.

But while many lawmakers are confident the bill will be palatable, the public isn't so sure.

Many people on the streets were angry, worried, skeptical -- or all three.

For David Stone it's a simple question, with a simple answer.

"Bail 'em out? No!" he said.

Stone says he suffers from systemic lupus, and lost everything when he was forced to go on disability.

"I lost my home, I lost my car -- I lost everything I worked for my entire life," he said.

Stone's point: the government did not help him out when times were tough.

"Nobody from the government came along and said to me, here let us help you out," he recalled.

Stone is not alone in his bitterness toward the government and its proposed $700 billion bailout.

"Actually I don't think they should bail out the fat cats on Wall Street at all. I think they should let them fall and learn how to be normal people," said Leah Stone, a Virginia resident.

Lisa Dominic, a Maryland resident, agrees. 

"If I don't pay my bills on time, nobody's bailing me out," she said. "Nobody's bailing out your average citizen."

The bill would enable the government to spend billions of dollars to buy bad mortgage-related securities and other devalued assets held by troubled financial institutions. If successful, advocates say, that would allow frozen credit to begin flowing again and keep the economy from a deep recession. Proponents say the government eventually could sell the devalued assets at a better price, reducing the program's final cost.

Of the more than one dozen people interviewed by ABC 7/NewsChannel 8's Andrea McCarren, only one couple approved of the proposed rescue.

"We got ourselves into this mess by being overly materialistic, I think. Wanting things that we cant really afford," said Joan Schouten, a Wisconsin resident.

"And that means we're all going to have to pitch in and help each other out," added her husband, Stuart Schouten. "Get things flowing again."

Uncertainty about the fate of the bailout kept Wall Street about level Wednesday. The Dow Jones Industrial Average fell 20 points.

Email To A Friend  Email This Article

Follow ABC 7 News on Twitter

Want To Keep Track Of Barack Obama? Click Here
ABC 7 Talkback: Few Supporters for Bailout on D.C. Streets
redbird
I do not want Congress to bailout Wallstreet.  They got themselves into this mess, let the chips fall where they will.  Congress doesn't come and help the average Joe, let them sink or swim.  This shows how far removed from the average American citizen that Congress is, they are more of the elite from removed from the people that elected them into office.  NO, NO, NO do not bailout Wallstreet with taxpayer's money, tend to what you should be doing.

You need to be a registered member of
ABC 7 News to leave comments on news stories.
Not a member yet? Click Here to sign up.
Username or Email Address
Password
Please leave your comments below:
Messages that harass, abuse or threaten other members; have obscene or otherwise objectionable content; have spam, commercial or advertising content or inappropriate links may be removed and may result in the loss of your posting privileges. Please do not post any private information unless you want it to be available publicly. Never assume that you are completely anonymous and cannot be identified by your posts.


TM & © WJLA/NewsChannel 8, a division of Allbritton Communications Company
Please read our Privacy Policy. By using this site, you accept our Terms of Service.
Children's Television | EEO Reports | DTV Consumer Education Reports
WJLA adheres to the ICRA RATING SYSTEM
  {ts '2008-10-01 22:09:11'}