By Paul Fallon
FAIRMONT — A bailout or a rescue plan — no matter what it’s called — the $700 billion legislation to free up clogged credit markets has been passed by Congress and signed by President George W. Bush.
Treasury Secretary Henry Paulson announced Wednesday that it would be several weeks before the Treasury begins fully operating a program to buy the troubled mortgage assets.
However, many locals recently offered their opinions on the plan.
D.D. Meighen said that he had mixed feelings about the plan. He pointed out that if it was the only opportunity to improve the economy that it should be taken, but he also pointed out that he would have liked to have seen some of that money given to the middle class to pay off their debts.
“And I wonder who will have the oversight when it comes to distributing this money,” Meighen said.
However, Meighen added that he did like the fact that banks will now be insured for deposits up to $250,000.
Creed Holden noted that he believed the rescue plan was risky. He added that even if the plan works it will take a while for the effects to be seen. Holden also said he would have liked to have seen that money given to the middle class workers.
“I think that money would have been better spent giving it to the middle class and letting it trickle up,” Holden said.
He pointed out that regular people paying off their debts would also stimulate the economy.
The Rev. Bill Moody said he thought it would take a while for the rescue package to take effect. He noted that he didn’t think enough money was being used to help the average American.
“The government needs to help the little man,” Moody said.
He added that the government may have to find more money to help the middle class. He also noted that additional banks and companies may need government assistance in the future.
“I just pray that it does work,” he said.
Michael Stewart said he believed that overall the plan will help the economy. However, he added that that it will take five years or so for the full impact of the plan to be seen.
“It’s a five-year fix for a problem we’ve had for eight years,” Stewart said, referring to the Bush administration.
Heather Haskiell said she was skeptical about the plan. She added that she thought that even if the plan does work, it would take years before the economy recovers.
Dr. Nicholas Lalli said that he was concerned about oversight of the money. He said he believed that was the crux of the issue.
“The key to whether or not it works is who has the oversight,” he said.
E-mail Paul Fallon at pfallon@timeswv.com.
