Rockford and the Government Bailout

While Washington scrambles to clean up the mess on Wall Street many Stateline investors want to know what congress' plan means for them. One financial planner says Washington's financial rescue will help to push the markets back up while making money for Uncle Sam.

"Historically in the past when they've come in to do these rescues it's actually worked out for the taxpayers benefit." says Brent Brodeski, managing director of Savant Financial. Since congress is creating the plan we asked the men who want to represent us in Washington what they think.

"We're in a situation where in many respects there's essentially no alternative, but it's important to recognize this is not a panacea. This will not cure the problem." says Democratic Congressional candidate Robert Abboud. He adds that the loss of American manufacturing jobs causes a net loss of money into our economy and has contributed substantially to our bruised economy.

"You know we're definitely in a financial crisis, but we need to take time here, even a week or two to try and find out exactly what should be in that bill so we don't make a big mistake, but at this point I'm a no on the bailout." says current Republican representative Don Manzullo. He says congress should begin hearings to discover the root of the problem before the government makes a potentially disastrous decision.

"Well the taxpayers are left holding the bag. We have a situation of taxpayers versus speculators the way the markets were roiling last week and I think the taxpayers are going to come out on the short end." says Green Party Congressional candidate Scott Summers. He adds that congress needs more oversight with this plan.

The Bush Administrations financial rescue has yet to make it through congress. It may be a while...first drafts of the plan range in length from 4 to 44 pages.

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  • by Linda Location: Rockford on Sep 22, 2008 at 06:34 PM
    Instead of a bailout, why not have the companies use their profits from the last five or six years to pay their way out of trouble. Many of the CEOs have large bonuses and retirement funds, Why should they make large profits and then get bailed out. Homeowners don't get a "mulligan" on a mortgage. The rich get richer!!!
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