Speaking to the American people Wednesday night to endorse the $700 billion plan to bailout Wall Street, the president attempted to sell the American people on another costly initiative with little government oversight just before Election Day. But will his plan get the needed support from voters? Not if OhMyGov! readers have their way.
During last night's speech, President Bush said "our entire economy is in danger," adding that a bailout "will help send a signal to markets around the world that America's financial system is back on track," even if they are not.
He told the public that the "rescue effort is not aimed at preserving any individual company or industry." The argument was simple and convincing: if a bailout is not approved, foreclosures would rise, major corporations would collapse, millions of people could lose their jobs, and "ultimately our country could experience a long and painful recession."
Bush placed the blame on corporate and individual decisions, and a lack of regulation in the banking industry, stating, "the decline in the housing market set off a domino effect across our economy. When home values declined, borrowers defaulted on their mortgages, and investors holding mortgage-backed securities began to incur serious losses...easy credit -- combined with the faulty assumption that home values would continue to rise -- led to excesses and bad decisions...Many borrowers took out loans larger than they could afford, assuming that they could sell or refinance their homes at a higher price later on."
Currently, lawmakers on both sides of the aisle are rushing to vet the Treasury's plan and add new language to the bill. Both Republicans and Democrats have expressed doubt that the plan will work, and Congressional staffers now working late into the night have described their phones as "ringing off the hook" with callers expressing their disgust with the economic rescue.
But what do readers at OhMyGov! think of bailing out the banks and, as the President described, irresponsible decisions by individuals? Whn asked in an online poll, OhMyGov! readers responded negatively to the plan, with 76 percent stating they did not support the bailout and 24 percent for it.
The poll question asked plainly: Should the government be bailing out big mortgage lenders?
The results were far from split, with a breakdown as follows:
- 4% said Absolutely yes, the rescue is essential to sustaining our economy
- 20% said "Yes, while it's not fair it may be necessary"
- 24% said "No, it's not fair for those who lived within their means"
- 52% said "Hell No, Irresponsible homeowners and corporate criminals don't deserve a bail out."
A recent CNNMoney.com article, Mad as hell - taxpayers lash out, elaborated the sentiment of the American public and OhMyGov! readers.
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