Bailout summit set for today

Anger common element in local reaction to crisis

The Olympian • Published September 25, 2008

• Links
• Comments (0)

South Sound residents offered varied opinions about how to solve the nation's financial crisis, but most said the plan outlined during a speech by President Bush was inadequate.

Residents were asked to share their thoughts via The Olympian's Reader Network.

"Instead of bailing out the industry that got us into this mess, the government should pay off every mortgage that is currently being paid off and reschedule mortgages for those who have fallen behind," wrote Jay T. Scott, a resident of Olympia.

"We should be paying off our own loans instead of rewarding Wall Street for their bad bets."

Eugene St. John of Olympia wrote, however, that he was surprised by Bush's "mostly accurate explanation of the financial crisis."

"What I didn't like was his failure to ensure that defaulting homeowners with adjustable rate mortgages (the group most at risk), will retain their homes," he said. "This bailout needs to help such Main Street folks, and NOT Wall Street money barons."

Following are snippets of other reactions offered Wednesday night:

"Sickening": "I found the president's address sickening in the extreme. It brought back memories of the fraudulent speeches he used to sell us into Iraq. Those of the mythical mushroom clouds. He did not say anything to make his case other than the obvious."

— Terrell Crawford, 81, Tumwater

Larger national debt: "I don't think he made his case. He is saying the taxpayers will get their money back when these loans are paid off. That's a long time and doesn't include all those who can't afford the paper they signed. It really is a bailout for a lot of companies and buyers and builders who made poor decisions. ... Whenever the Treasury needs money, appropriated or not, they just ask the Fed for it and the Fed cuts a check. All this largess including the bipartisan solution to the financial crisis ends up being a larger national debt that you and I have to pay for."

— Don Ernst, Olympia

Political fallout: "This financial crisis happened on Bush's watch because of his lack of proper supervision. His negligence is going to cost us all a lot of money. ... It will be interesting to see how the political fallout from this bill affects both campaigns."