Markets and Citizens React to Government Bail Outs - KAIT Jonesboro, AR - Region 8 News, weather, sports

Jonesboro, AR - Will Carter Reports

Markets and Citizens React to Government Bail Outs

JONESBORO, AR (KAIT) - As the stock market took another spiraling downfall Monday, so did the confidence of many voters in the government's ability to get control of Wall Street.

"I think making the taxpayer foot the bill is not free-market capitalism. If that is our economic system, then it doesn't make any sense for the government to be stepping in like this," said Jim Gramling.

But government to the rescue seems to be a growing trend lately, as financial giants continue to collapse one after another.

"I think it's really terrible that they are bailing everybody out, but I don't know what our other choices are. It's affecting the economy from the very top to the very bottom. I mean, I'm feeling it. I think everyone I know is feeling it," said Mary Broadaway.

That feeling is one that simply has many calling a time-out, while asking, are we really fixing the crisis?

"It's a short-term fix, but we're going to pay for it in the long run. We are going to be right back where we are now again," said Jeff Sellers.

On Monday presidential hopefuls were also talking about the government bail outs while out on the campaign trail.

"This arrangement makes me deeply uncomfortable. When we're talking about a trillion dollars of taxpayer money, 'trust me' just isn't good enough," said Republican nominee John McCain.

"The era of greed and irresponsibility on Wall Street and Washington has led us to a perilous moment. They said let market run free, they let it run wild," said Democratic nominee Barack Obama.

And wild the market has run, as companies who once stood tall over wall street are now only markers of old economic success.

"I don't know. It's a scary thing. Times are getting rough. That's about all I can say," said Susan

Sellers.

And that's about all anyone can say for now.

As a knee-jerk reaction to the government's decision on Monday, trader confidence fell sending the DOW down 383 points while the cost of a barrel of oil rose by 25 dollars.

For more on the economic forefront click the business tab on our homepage.


Story ideas or comments?  Email Will at wcarter@kait8.com

 

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