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Local News

Local reaction to bailout largely negative
Saturday, October 4, 2008 12:27 AM EDT Print this story | Email this story
Hoping to ease the increasing economic crisis in the nation, Congress approved an unprecedented $700 billion government bailout of the reeling financial industry Friday. The bill was almost immediately signed by President Bush.

The 442-page version of the legislation passed the Senate on Wednesday by a vote of 74-25 and was approved in the House Friday afternoon by a vote of 263 to 171.

U.S. Rep. Geoff Davis, who represents Kentucky's Fourth District, voted against the bill, the second version of the Emergency Economic Stabilization Act of 2008. He also voted against the original version, turned back by the House on Monday.

"Instead of evaluating alternative and more responsible solutions to our economic crisis, I was disappointed that the House and Senate have passed revised legislation that is substantially the same as the legislation I opposed earlier this week. This bill may give the markets a short-term fix, but it is not a long-term solution. With every bailout, the price tag for taxpayers gets higher and the stability in our markets diminishes."

"After weighing the revised proposal and its potential ramifications carefully, I remain unconvinced that a $700 billion taxpayer-funded government purchase program is the right way to help the economy," said Davis. "This legislation does a major disservice to American citizens and to the American free market system. I am very disappointed that the other viable options proposed by economists and my colleagues were not given more thoughtful consideration."

Area residents have a variety of opinions about the bailout or rescue package.


Kirby Bennett of Maysville, like Davis, is against the bailout.

"Personally I don't like it but it's all about greed," Bennett said.

Bennett pointed out that if the average American failed financially they would go under, not be able to rely on a bailout for help.

"It's just big money again," said Bennett.

Many Americans are still deciding their stance on the situation.

Wesley Downing of Maysville, currently a senior at the University of Kentucky, said, "I just know that something needs to be done. I don't know if it (the bailout) is best, but I'm glad that the government is doing something pro-active about it."


"I have mixed feelings about it," said Wanda Dixon of Maysville.

Dixon said she believes if some people borrow that kind of money, it should be their mess to clean up.

"However," said Dixon, "it's hurting the whole country, not just them."

"I don't see a good thing in this bailout," Ann Johnson of Maysville said.

Johnson said she was uncertain how the shaky economy might continue to affect residents in this area but she was certain other areas may feel it more strongly.

"Folks in bigger cities that live large will feel the pinch," said Johnson.

And while many people may not favor the plan, many others believe it was a necessary measure.

Bill Temple of Maysville, said that he agrees with the bailout in principle.

"But I think the free market should be in use," said Temple. "At this point, I guess I gotta go along with it."

Contact Barbara Goldman at barbara.goldman@lee.net or by calling 606-564-9091, ext. 274.

Reader Comments

Comments are limited to 200 words or less.

lol wrote on Oct 14, 2008 12:55 AM:

" God bless Nov. 4th for evicting Bush from the White House! Speaking of God! Does he go on coffee break when Republicans are in office or what? "

sick and tired wrote on Oct 10, 2008 10:32 AM:

" God Bless President Bush for having the grace and dignity to serve those who hold so much hatred in their hearts for him. Thank you President Bush for keeping us safe from terrorism so we can live our everyday lives being assured that we won't be blown up in a zillion peices when we shop, go to work or school or in our homes from suicide bombers or other weapons. Thank you President Bush that you brought honor and dignity back to the white house after Clinton brought abomination to our honored office. My prayers are with you President Bush for your safety and the safety of your family. "

SICK OF IT wrote on Oct 7, 2008 8:10 PM:

" Sick and Tired we are all sick and tired , please tell us what your perfect president has done for this country !! Lets see we are at war , paying outrageous heat bills , Gas is so high we cant afford it ,our property taxs have increased ,we cant afford to buy food .People are loosing their homes . The stock market has dropped causing people to loose thousands of dollars and out national dept is over the top .So again what has he done for us? Um lets see he gave us a stimulus check ,haha which might I add was a JOKE !!! This country is a sinking ship and you think for one minute he is not to blame, he is the president or atleast is suppose to be . He should of bailed us out 4 years ago before he got us in this shape. Now he is going out leaving us with a huge dept !!! The American people really begged for all that , he really took good care of us !!! Now we are in Gods hands ,he is who i'm begging and praying takes care of us , Not your president !!!! He is not mine I didn't vote for him ..............Thank GOD !!! "

sick and tired wrote on Oct 7, 2008 8:13 AM:

" Tired of everyone blaming President Bush for all the ills of this world! Trust me, the president of the US does not have that much control over anything these days! We were forced into this situation by more powerful intities than the administration. If President Bush had not signed the bailout millions of Americans would be desperatly in financial trouble. President Bush does what he thinks is best for us although it is not popular and he knows he will get the blame! Grow up American, we beg politicians to take care of us then we whine when they do!!!! "

tired of it wrote on Oct 6, 2008 9:06 PM:

" I feel the same as sick of it and pappawtom. I am also a christian and a mother of three children. We are living in the last days. Get out your Bible and read Revelations. You think times are bad now, just wait. America has turned its back on God. Churches are empty every Sunday. I hope I am wrong,but I cannot escape this horrible feeling in my stomach that things are going to get alot worse. Please get ready before it is too late! God Bless!! "

We the People need to Pray wrote on Oct 6, 2008 8:39 PM:

" We the People of this great America need to take it back from our corrupted government. Everything you read has politicians involved in stealing, lying, sexual conflicts, and whatever else they can find to be corruptive and they all get by with it because they are American Politicians. We all know this is wrong and we all set back and continue to let it happen. We cannot continue to vote for the same old Politician Names. What happened to good and honest Leaders of our Country. There is only one way this country can pullout of this mess. We must all start Praying to our Lord Jesus Christ to help us raise up Christian Leaders and to have mercy on America and to let us live in peaceable times. We still have good Christian people in this country. The Bible has the answers and especially the history lessons in Old Testament and there are many stories of what is happening right before our eyes in America. Pray, Pray, Pray for this Nation in the days to come. God can save our Nation but we must ask and pray to him first. God Bless America "

Sick of it wrote on Oct 6, 2008 6:56 PM:

" John I so agree , no one in this country should be paid less than 15 a hour and even that is hard to survive on. I work for 6 an hour stripping tobacco for extra money so I know how hard that comes. The under paid work hard for the mighty dollar and its SAD.....and now with things going up we will not survive at all this winter. When people who are making 14 and cant survive and are loosing there homes ,someone making 6 ain't got a chance!!! Watch and see if the homeless rate in Kentucky doesn't go up after all this stuff is over. It will go back to the days when families have to live together to survive!! "

Pink Scorpio wrote on Oct 6, 2008 6:18 PM:

" Did you hear one of the Congressmen saying that in private conversations they were told that there would be martial law if they did not go along with the bailout? I call that emotional and economic terrorism. Paulson, Greenspan, Bush, and all of the others behind this, should be arrested. If we don't stand up for ourselves, who will? Most of congress is afraid to do it. Call it globalism, call it one-world gov., call it new world order, call it end times, but we are heading for a time when there will be centralized power, and in order for that to happen, America has to be destroyed, so that's why this is happening. It is by design. It is by the elite in the upper shadow government. There could never be a central power as long as a super power like the U.S. is around. That's why we are being dismantled, so that we can become a part of the big plan for global domination. It's been pre-planned that way for some time now. But don't take my word for it. Do some research yourself at infowars.com or other similar site and you'll read that both parties are controlled by the elite in power. I applaud Geoff Davis for voting against the bill. Now we should all have the courage to vote anyone but dem or rep this Nov. We have to send a message to Washington that we're not going to take this arm-twisting any longer. Wake up to the real truth. You won't find it on TV news, however, since they are bought and paid for by the elite. Try the internet. No one wants to think that our gov. would be so ruthless toward us, but the fact is, as we are seeing, they will do anything. You will find more honesty and freedom of speech here on this newspaper site than you will in most national newspapers or on TV news. And we should speak out now, because the day will come when free speech on the internet will be limited or penalized. "

john wrote on Oct 6, 2008 2:17 PM:

" to sick of it if you can't make it on 14.00 dollars an what do you think about a person making 6.oo a i realy do'nt think the bailout will help just prolong "

Sick of it wrote on Oct 6, 2008 12:19 PM:

" I so agree with pappawtom ,I will not vote for this man ever. The bible is being fulfilled ,people better be prepared. I am a christian and will stay strong to one ruler of this country and that is God. I just feel sorry for all those people who do follow him. If he is who they say he is i wouldn't want to ever be the one who set him up in office !! Its becoming a sad scary world and I hope people are really prepared for the out come of this election !!! "

Government Watchdog wrote on Oct 6, 2008 11:49 AM:

" Here is what we should all be concerned about. The fact that a mass amount of this bailout, and yes it is a bailout is going to China. They invest a great deal in this banks and markets that went bellyup. We borrow from them to give tax refunds, then the average person goes to Wal-mart and we buy Chinese or foreign products. Now we bail them out for getting into Freddie Mac and Fannie May. And despite what anyone tells you, both Obama and McCain benefited from them. Remember Charles Keating, here we go again folks. This was nothing more than the Bush admisntration allowing their cronies to make more money off of us. Why are gas prices still high? Oil is under 99 dollars now? When Bush took office, gas was 1.47 a gallon. Now look at it. So the bailout went to non-US interest and we as taxpayers and middle class once again are left holding the empty money sack. Why not take that 700 billion and just pay off everyone's mortgage? That is our money? Why should AGI and Goldman SACHS get our money because they were greedy and stupid with it? Ask yourself that. VOTE OUT ALL THE INCUMBENDTS THIS YEAR!!!!!!!! "

pappawtom wrote on Oct 6, 2008 12:23 AM:

" It is true that the economy is in a mess and it may get better for awhile but it will in the near future fall apart, not only here in the U.S. but around the world as well. This is the time that the anti-christ will step up to the plate and "show" the world the way to get out of it's economic meltdown. As a result he will be given pretty much what he wants and that will be one world government for him to rule as he pleases. You may laugh and think I am crazy with this just remember you heard it here when all of this happens.

Mr. Obama has been accused of being just such this person. I don't know if that is true or not but he is pretty convincing to a lot of people. Just look how fast he has risen to prominence is this country. Eight years ago we never even knew anything about him at all. Four years ago, he made a big speech to the democratic convention and that was before he was elected senator from Illinois and now he is likely to win the presidential election.

Now tell me that this will not happen to all of us in the world. Think about it! "

tired of it wrote on Oct 4, 2008 3:33 PM:

" I totally agree with sick of it. My husband makes decent wages and we still can bearly scrape by. Everyone I know is broke and can hardly pay their bills. If we have extra it goes to other family members and friends who are worse off than us. I'm sorry to say but I don't think anyone can fix the mess this country is in. We are in for horrible times. I pray that God will help us all. "

Trish wrote on Oct 4, 2008 3:04 PM:

" I'm afraid you may be right. This country is in such a mess I don't know if anyone can make a difference. It seems no one is concerned about the national debt and how this "bailout" has put it over 11 trillion dollars. China owns us. Someday they will take what is theirs, namely our country. Now California wants a $700 billion loan from the government. What a laugh.It's a sorry mess. I was against Obama in the beginning but now I think he is our only hope. At least he knows what it's like to be poor. "

FED UP wrote on Oct 4, 2008 2:53 PM:

" This is the result of big government! Give the power to sink or swim back to the people and allow them the responsibilty of securing their hopes, dreams, pursuit of happiness and future! We give the politicians of our country too much power and too much control over us! If families need help our faith based programs can help. Let us take care of our own families and stop giving the government the responsibilty of doing it! If businesses fail, then let them start over and clean up their own messes! POWER TO THE PEOPLE I SAY! NOT TO THE GOVERNMENT! "

oh how sad wrote on Oct 4, 2008 11:01 AM:

" i feel strongly that bush and wall street should be the only ones to repay this bill out of thier salaries. "

Sick of it wrote on Oct 4, 2008 7:58 AM:

" This whole thing is to a joke !!We will never see this economy turn around no matter who gets president. What is really sad is the rich are getting help and the poor are getting help .Who is struggling here ? The middle class!! This economy is going to crash hard ,and alot of people are going to go with out food and heat this winter. Why not bail out those people who work everyday for crap wages? I have 3 friends who have lost their homes ,they work everyday and starve to death. My heat bills are 1000 a month in the winter and they are going up more. So what do I do freeze or starve? Its not fair that the hard working people in this country have to be done this way. My friends who lost their homes ,cant get any help.They are told they make to much money. Well when half your pay check goes in the gas tank and the other half goes to buy food ,then what do you have left to live on? You cant quit a job you have been working for 10 years and only making 14.00 a hour to just go out and find another one.Because there is no jobs to find .I guess we can live out of our cars and be able to live !!! "


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