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US bailout: Not going down well with people
Published on Sun, Sep 28, 2008 at 08:50, Updated on Sun, Sep 28, 2008 at 09:03 in Business section
Tags: Subprime Crisis, Wall Street , New York
RESCUE WAGE: Scores of people gathered in front of the New York Stock Exchange to protest against the bailout.
New York: The $700 billion dollar banking bailout by the US government is a step that is certainly not going down well with its people.
Scores of people gathered in front of the New York Stock Exchange to protest against it.
The protestors demanded that the working poor and middle class should not have to bear the brunt of the crisis created by Wall Street financial firms.
They accused the banks of misusing power to get money without federal regulations since they were eager to lend cheap money and borrowers eager to accept it.
Meanwhile, Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke are making efforts for quicker approval on the bailout proposal from the Congress to stave off economic disaster.
One of the protest organizers call the plan "a massive transfer of wealth for working Americans to elite institutions and the super wealthy, who have already made a killing off the mortgage crisis".
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