Lubbock Reaction To Bailout Bill - KCBD NewsChannel 11 Lubbock

10/3/08

Lubbock Reaction To Bailout Bill

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After a week of political back and forth, leaders of both parties passed what they call a prescription for an ailing economy. House Speaker Nancy Pelosi signed the bill minutes after the vote, and president bush signed it into law a short time later.

President Bush and Treasury Secretary Henry Paulson promised quick action but no guarantees.  "It will take some time for this legislation to have effect on our economy," Paulson said. But Paulson adds he's already working out the details to put this plan into swift action.

Reaction varied from one person to the next in Lubbock on the House's passage of the bill.

I asked each person we talked to the same three questions. The first was, do you know about the bail out plan and what it means? 

  • "I don't know much about it really... I really never understood the hold problem."
  • "We need something. I just hope it's the right plan."
  • "I think it's a shame the American people have to bail out organizations and corporations that made bad decisions and had bad management."

I asked next if they think the plan will affect people here in west Texas.

  • "It's hard to say. I really don't know. I've got retirement and savings like every other person and I'm a little worried about that, but right now I don't know."
  • "No. Not personally, I mean. Everyone's saying there's a recession coming, there's a recession, but everywhere you look in Lubbock you see a we're hiring sign."
  • "Yeah, I think it'll affect all of us."

Lastly I asked if they think it's the job of the government to step in and help big business when big business makes bad decisions.

  • "In some way I do but in some way I don't, I don't think they should."
  • "There has to be something put in place to protect the little people form corruption."
  • "No it's not. They should stand alone or fail and I think that's what should happen in these cases.""I don't see why they should use our tax money for businesses."

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