US economy: taxpayers say no bailout on Wall Street

NIGHTMARE ON WALL STREET: The tax payers want another address to send their hard-earned money

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Rajdeep Sardesai

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Washington: Washington's proposed bailout for Wall Street is sparking anger across the country. Many taxpayers say the problem is a result of Wall Street's recklessness.

A number of taxpayers interviewed by CNN said that they are not ready to dole out their hard earned money for the bailout.

“This is exactly not what I want to happen. I want my tax dollars to go somewhere else,” said one.

“You're expecting us tax payers to bail out Wall Street?” questioned another.

“It sounds to me like if they didn't bail it out, things would be much worse,” added another taxpayer.

People visiting the CNN website did not mince words. “Not just ‘No’, but hell! No!” said a visitor. “Let these companies die,” said another.

This is almost a populist revolt against what people see as some very careless behavior. They blame not only the traders and managers on Wall Street but the US government as well.

Pete Sepp of the National Taxpayers union is urging lawmakers on Capitol Hill to fight for a smaller package. But he acknowledges that there needs to be some government action.

Treasury Secretary Henry Paulson was quoted by the Wall Street Journal as saying to lawmakers in a private meeting last week, “If it does not pass now, then Heaven help us all.”

Congressional leader Senator Chuck Schumer said, “Well, basically they described a financial system where the arteries are clogged and if you don't unclog the arteries, these are in my words--the patient could get a heart attack.”

The bottom line is that if the banks do not lend money, companies will not have money to spend. The businesses will grind to a halt and workers will be laid off.

The spiral downward that may follow will be potentially dangerous for the US economy.

While many may think that the bailout may have averted a brush with massive disaster, one economist says that underneath it all, the US economy is still struggling.

He capped it all by saying, “When the dust settles and it is beginning to happen now as we discuss this…the fact remains that we are in a recession.”