By Russell Varner
September 24, 2008
As some know, the government is looking to pass a new $700 billion bailout of financial firms to help the struggling American economy.
When asked about his thoughts on the proposed plan, Dakota Hunt, a local resident and employee at the Kangaroo gas station located next to campus, just stared with a perplexed look on his face. He had not heard of the bailout before and when he was told the details about the plan, he acted like most Americans would.
“This doesn’t sound very good at all,” he said with a shocked look on his face. “It is gonna cost how much? To do what? I think this is something our government needs to stay out of, at least for now.”
Elon residents will be just as effected by the plan as the rest of America if the plan passes, and most are not happy about it.
“I personally do not like it,” said Joey Accordino, a sophomore from Richmond, Virginia. “It hurts the tax payers and does more damage than good in my opinion. You’d think there would be a better way to fix this problem.”
The proposed bailout will be brought to the floors of the House and Senate later this week to see if the largest financial bailout in American history will be approved or not.
Currently, the FBI is investigating 26 firms that are considered to be at the center of this financial collapse. The government believes that without this plan, the economy could soon face a major collapse very similar to the Great Depression.
The plan has caused a lot of controversy and has been a hot topic throughout all of America, talked about almost everywhere you go. Surprisingly though, not everyone knows about the plan.
Some people, while not fans of the plan, do see how important it is. “I think it is necessary,” said Tyler West, a sophomore from Asheville, North Carolina. “But if you are a tax payer, you need to watch what the government is doing, and they have been moving really quick on this.”
“I wasn’t familiar with the technical details of it,” said Mike Dula, Town Manager of Elon. “But our income is based on residential development and without it, it has a negative effect on us, obviously. We get large tax exemptions and from [Elon University], but if that stops like it seems to be now, it’ll have a bad effect on us in the long term. As for the cost of it, I think it depends on the time period that you have to pay it back. If it is over a few years, then I think it will be better for everyone.”
One thing everyone did agree on, though, was that something needed to be done to fix this problem. As Dula put it, “Everyone will be better off with a more sound economy, even if it costs [$700 billion].”