Congress is expected return to work today on a plan to rescue the nation’s financial services industry, but Mississippians – even those who think government action is necessary to correct the nation’s credit crisis – are not enthusiastic about the proposed $700 billion bailout.
“I want to know how much of (company executives’) money they’re putting into their own companies,” said Elizabeth Koletar of Oxford.
“I think it’s a disaster” and sets a bad precedent, said Ole Miss economics professor Bill Shughart. “Every business in the United States that is big enough and well-connected enough will have every expectation of being bailed out by the taxpayer,” he said.
And Tony Strowd, a 51-year-old Brandon resident: “I think that certainly something needs to be done, but the executives at the investment banks should be held responsible.” He added that Congress and taxpayers also shoulder some responsibility.
Magnolia Tribune
