Bailout Plan Failed Due to Public Opinion
Published in China Times
(Taiwan) on 1 October 2008
by Liang-Feng Wang (Pinyin spelling) (link to
original)
The House of Representatives surprised the world by voting down the initial bailout plan. The main reason for this outcome is public opinion. Taxpayers are not willing to be responsible for rescuing Wall Street executives. Boiling discontent among the general public transformed into a series of actions such as writing e-mails and letters and making phone calls to representatives.
Unions and constituents are celebrating the result of the vote. Nevertheless, there is huge concern about the second vote on Thursday. Constituents continue to communicate with their hometown representatives and some of them are even planning to organize protests.
The Bush administrations $700 billion package ignited anger among the American middle class and labor unions. Meanwhile, objections from the Internet and media and petitions from various social groups exerted immense pressure on the government. People claimed that the government is robbing the poor to help the rich. They also argued that the main priority should be mitigating the effects of foreclosure.
Within only two days, Senator Saunders received 23,000 petition signatures. Since the presidential election is in one month and the Congressional election is next year, Congress finds it hard to resist the objections.
Timay, a woman from California, said that, This is the first time I have expressed my discontent to Congress. Wall Street executives who had been receiving high salaries ruined the economy. They deserve this. Why should we be responsible for helping them? The federal government should prioritize us.
Bev Smith from the American Urban Radio Network joined other radio hosts to initiate a national-wide campaign on opposing the bailout plan. She believes that her efforts were effective during the voting process.
Radio stations and internet sites received countless messages after the House voted down the bailout plan on the 29th. Some were happy that their representatives heard their voices. But some worried that corrupt politicians would be defeated at the second vote by Wall Street greed and the influence of interest groups.
The Bush administration will send the second proposed bill to the House on Thursday. Greg, father of four children, said, I am very shocked and angry with our Presidents egotism and disrespect of public opinion.
In her radio show, Smith said, We will make whoever supports the bailout plan step down. No! We will kick him or her out of our country!
Doran, a lawyer from Los Angeles, created an anti-financial rescue plan website that contains contact information of Congress members. Sherrock, an investment adviser from Illinois, requests his website visitors to remove from office members of Congress who support the plan.
Former Wall Street employees have different viewpoints. Most of them think the vote-down is not the end of the world. An analyst from Merrill Lynch said, My long work hours stressed me out. At present, I dont have to worry. I have my savings and the lay-off pension, which is worth one fourth of my annual salary.
Former Lehman Brothers employee, Jennifer, said that, There was a sense of crisis which no longer exists now. Many colleagues who got laid off went on vacation, and some found new jobs right away. Senior executives have greater difficulties returning to work and the failure of the bailout plan worsened the case stilll further. A hedge fund manager said, My value went down dramatically. It is hard for me to find a job even though I am willing to work for a lower salary.
Wall Street employees have been stressed out for a long time. Many of them rely on medication and psychotherapy. A hedge fund manager said that the crisis is bad but it would not make him commit suicide.
The general public shows discontent with the bailout plan. However, polls conducted by NBC and The Washington Post show that nearly 90% of people worry that the failure of the rescue proposal would lead to a more serious economic recession.
Unions and constituents are celebrating the result of the vote. Nevertheless, there is huge concern about the second vote on Thursday. Constituents continue to communicate with their hometown representatives and some of them are even planning to organize protests.
The Bush administrations $700 billion package ignited anger among the American middle class and labor unions. Meanwhile, objections from the Internet and media and petitions from various social groups exerted immense pressure on the government. People claimed that the government is robbing the poor to help the rich. They also argued that the main priority should be mitigating the effects of foreclosure.
Within only two days, Senator Saunders received 23,000 petition signatures. Since the presidential election is in one month and the Congressional election is next year, Congress finds it hard to resist the objections.
Timay, a woman from California, said that, This is the first time I have expressed my discontent to Congress. Wall Street executives who had been receiving high salaries ruined the economy. They deserve this. Why should we be responsible for helping them? The federal government should prioritize us.
Bev Smith from the American Urban Radio Network joined other radio hosts to initiate a national-wide campaign on opposing the bailout plan. She believes that her efforts were effective during the voting process.
Radio stations and internet sites received countless messages after the House voted down the bailout plan on the 29th. Some were happy that their representatives heard their voices. But some worried that corrupt politicians would be defeated at the second vote by Wall Street greed and the influence of interest groups.
The Bush administration will send the second proposed bill to the House on Thursday. Greg, father of four children, said, I am very shocked and angry with our Presidents egotism and disrespect of public opinion.
In her radio show, Smith said, We will make whoever supports the bailout plan step down. No! We will kick him or her out of our country!
Doran, a lawyer from Los Angeles, created an anti-financial rescue plan website that contains contact information of Congress members. Sherrock, an investment adviser from Illinois, requests his website visitors to remove from office members of Congress who support the plan.
Former Wall Street employees have different viewpoints. Most of them think the vote-down is not the end of the world. An analyst from Merrill Lynch said, My long work hours stressed me out. At present, I dont have to worry. I have my savings and the lay-off pension, which is worth one fourth of my annual salary.
Former Lehman Brothers employee, Jennifer, said that, There was a sense of crisis which no longer exists now. Many colleagues who got laid off went on vacation, and some found new jobs right away. Senior executives have greater difficulties returning to work and the failure of the bailout plan worsened the case stilll further. A hedge fund manager said, My value went down dramatically. It is hard for me to find a job even though I am willing to work for a lower salary.
Wall Street employees have been stressed out for a long time. Many of them rely on medication and psychotherapy. A hedge fund manager said that the crisis is bad but it would not make him commit suicide.
The general public shows discontent with the bailout plan. However, polls conducted by NBC and The Washington Post show that nearly 90% of people worry that the failure of the rescue proposal would lead to a more serious economic recession.
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