NYers mull over gov't bailout plan
By Marlene Naanes
The $700-billion bailout package set to go before the House for approval today sparked ire among New Yorkers who say they too are hurting financially. Some admit, however, that the governments plan is a necessary evil.
We gotta do it, unfortunately, said Ben Guthrie, 60, who lives near City Hall. Obviously I dont want to reward the thieves for their malfeasance, ... but were in pretty dire straits economically.
The historical rescue plan, if it is approved, would allow the government to take over faltering banks bad assets to help free up lending and avert a monumental financial crisis. One part of the negotiated proposal doling out billions in installments with oversight made the plan easier for New Yorkers to swallow.You dont want to give these guys everything, said Robert Stash, 58, of the Lower East Side. Theyre going to just give some of the money and see where its going to go. Thats pretty smart.
Many people yesterday also expressed uneasiness with the quickly negotiated proposal because there were still many unanswered questions.
I dont understand how its going to make things better because its going to dilute the dollar, said Daisy Castellucci, 27, of Astoria. Ive heard different opinions. Ive heard financial strategists say its better to do nothing because the markets will right themselves. I dont know what the truth of the matter is.
Success of the plan would be evident immediately, partially if loans become more available again. For New Yorkers who rent, however, the pang of a poor economy fueled anger with the bailout, which also calls for renegotiated mortgages for some homeowners.
Why dont they pay off my credit card? said Elizabeth White, 23, of SoHo. Just because Im not in the poor end or the rich end, I dont get my mortgage paid off or my business bailed out.
At least one New Yorker outright rejected the bailout.
Its absolutely ridiculous, said Mark Tassinari, 23, of Manhattan. America is in a lot of trouble.
The AP contributed to this report.