Local Financial Industry on Bail Out

By: Blaine Tolison Email
By: Blaine Tolison Email

For bankers and the financial district--the new plan is light at the end of the tunnel, but will it hit home for taxpayers? President Bush said, "By coming together on this legislation, we have acted boldly to help prevent the crisis on Wall Street from becoming a crisis in communities across our country."

Friday afternoon congress approved the Economic Stabilization Act and in Florida, Congressmen Allen Boyd and Ander Crenshaw voted yes on the new plan. In Georgia, Congressmen Sanford Bishop and Jim Marshall also voted yes, but Congressman Jack Kingston voted no.

With many Americans still skeptical about the plan signed into law by the President, much of the financial district is looking forward to what the stabilization act could do for the economy.

Robert Weisser, with Florida Tax Watch said "This plan, this package from congress is really going to help out the housing market and the economy in general, but also the government, both state and local governments and ensure that they have access to credit to continue providing services that improve the quality of life in Florida, which again will help people today."

Matt Brown, President and CEO of Premier Bank President said, "The local financial institutions you'll find in this market are extremely stable. They're extremely well managed, they're liquid. There have been no problems, but the public has been concerned about the safety of their money."

Now tax payers will just have to wait to see how safe their money really is. Frank Walker, a Tallahassee resident said, "It'll do better. I think we have a wonderful economy. It's just waiting to come up!"

Financial experts say the bail out is no overnight fix and it will take some time to show true results. The plan is to buy up troubled assets and pump money back into the banks, but exactly when or how that will be done, is not clear.

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  • by Chief Location: Seattle on Oct 4, 2008 at 07:38 PM
    Florida liability for the bailout plan is about $40 billion dollars . Now the working people of Florida can borrow that money the money they are sending to Wall street. You see a light at the end of the tunnel . I see a crook at the end of the tunnel.
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