‘OVERWHELMING GREED’ UNDERLIES CRISIS
“It’s something that affects all of us. It’s not just a Wall Street bailout,” says Jan Gardiner, of Locust.Today’s Washington Post reports the results of a poll that finds voters deeply divided over the terms of the government’s $700 billion economic rescue package, but overwhelmingly in agreement that the House’s rejection of the measure on Monday could deepen the country’s financial woes.
Here in The Green, random interviews with people on the streets of Red Bank and Sea Bright yesterday found New Jerseyans largely share that fear. There’s also a widespread sense that runaway greed got us into this mess, though whose greed depends on one’s point of view.
Read on for our sampling of opinions, and feel free to weigh in with a comment.
TOM PREWITT, SEA BRIGHT
On a scale of one to 10, how concerned are you that this might turn into a prolonged economic downturn?
Nine or 10.
Who do you think is to blame for it?
Bush and the executive branch.
Do you think the $700 billion bailout needs to be pushed through Congress?
Yes. There’s no other choice.
CHRIS DeCICCO, NEWARK
On a scale of one to 10, how concerned are you that this might turn into a prolonged economic downturn
I think it’s inevitable. The only way change comes about is through pain.
Who do you think is to blame for it?
I think it’s Congress, I think it’s Wall Street, I think it’s the present presidential administration; it’s a combination of all of them. The Bible says in Proverbs, “Where there is no prophetic vision, the people cast off restraint,” and I think that’s exactly where we are right now. There’s no long-term vision in this country anymore, so everyone’s into short-term gains and selling this country short. Greed has taken over.
Do you think the $700 billion bailout needs to be pushed through Congress?
I think it has to be. It’s really a sign of the times, that once again, the hard-working, taxpaying America is going to bail out the greedy people.
RICK SZELES, MIDDLESEX
On a scale of one to 10, how concerned are you that this might turn into a prolonged economic downturn?
About an 8. I’m very nervous about what the banks are doing, the stock market, and what the economy is going to look like. In the short term, I think it could be very, very bad for us. Long-term, I have a lot of faith in the United States.
Who do you think is to blame for it?
I don’t think it’s any institution, I think it’s a moral dilemma. I think people thought that they could make as much money as they could without any concern to the moral side of the question.
Do you think the $700 billion bailout needs to be pushed through Congress?
At this point I’m a little nervous, but I think I’d feel more settled if it was pushed through. At least the government’s trying to do something. I don’t like the idea that we’re going to go an let this settle itself.
SUSAN SZELES, MIDDLESEX
On a scale of one to 10, how concerned are you that this might turn into a prolonged economic downturn?
I’m more 9.5 to 10.
Who do you think is to blame for it?
Part of it was people trying to make fast money having people buy homes with no money down, not having set jobs and going from paycheck to paycheck I think that was part of the problem.
Do you think the $700 billion bailout needs to be pushed through Congress?
I think there had better be a lot of checks and balances as to where the money is going.
JAY WATTS, LONG BRANCH
On a scale of one to 10, how concerned are you that this might turn into a prolonged economic downturn?
I’d say five. Only in the middle, I guess.
Do you think the $700 billion bailout needs to be pushed through Congress?
No, I hope it doesn’t get pushed through. I know a little bit about how the Federal Reserve works, and how money goes into the system so that loans can go back out. If you look at it, this kind of thing happens roughly every ten years, and it’s been happening roughly since the ’70s. It’s a lot of mess going on, especially with some of the bigger banks, and it’s kind of interesting how the government lets some people fail and not others. But even in times like these, there’s always opportunity, and there’ll always be people finding a way to make money. There’s still opportunities for some, even if it gets a lot worse.
SARAH WILSON, MIDDLETOWN
On a scale of one to 10, how concerned are you that this might turn into a prolonged economic downturn?
I’d say I’m about 5.
That’s not so high. Why aren’t you more worried?
I think it’s going to be a bad time for a while for people with large stock portfolios, and obviously anybody with a large mortgage with a balloon payment is going to be suffering. But I think on the other hand there will be opportunities for businesses to expand. There’s always an upside.
Do you think the $700 billion bailout needs to be pushed through Congress?
The way it’s set up is a little vague to me. I’m unclear as to how the money will be disbursed. I guess I’m concerned like many people about the golden parachutes some of these executives are getting, which is completely unfair. There’s this incredible culture of greed.
DAN BURNS, MENDHAM
On a scale of one to 10, how concerned are you that this might turn into a prolonged economic downturn?
Fourteen. It’s that bad.
Who do you think is to blame for it?
Well, the corporate greed, and then the government in general. There was no oversight.
Do you think the $700 billion bailout needs to be pushed through Congress?
Unfortunately, yes with very good control, constraint and oversight.
ROBIN CIAMBRONE, RUMSON
On a scale of one to 10, how concerned are you that this might turn into a prolonged economic downturn?
Ten. Definitely.
Who do you think is to blame for it?
I think everybody deserves the blame, honestly. I think it’s been a long time coming and no one’s done anything about it.
Do you think the $700 billion bailout needs to be pushed through Congress?
I’m not sure. I think it does need to get pushed through, but I’m just concerned about more debt.
JAN GARDINER, LOCUST
On a scale of one to 10, how concerned are you that this might turn into a prolonged economic downturn?
Ten.
Who do you think is to blame for it?
I think it’s the entire country. I think it’s an overwhelming greed that begins with Main Street and our little area of Rumson and spreads all the way up to the White House. I think it’s something that’s become systemic. We need a complete change of course.
Do you think the $700 billion bailout needs to be pushed through Congress?
From everything I’ve heard, yes, I think it probably does. Do I like it? No. I’m not sure it’s going to work. I also hate to see the taxpayer end up bailing it out, but I also understand it’s something that affects all of us. It’s not just a Wall Street bailout. I would call it a rescue plan for our economy, not a bailout.
MIKE EL BROJI, ATLANTIC HIGHLANDS
On a scale of one to 10, how concerned are you that this might turn into a prolonged economic downturn?
I would say 8. Way up there.
Who do you think is to blame for it?
The president. He didn’t take care of that. He was taking care of the war instead of the economy.
Do you think the $700 billion bailout needs to be pushed through Congress?
It’s a bandaid. It will work for a month or two and then we’ll have to start all over again.