Economic Bailout Comes With $700 Billion Price Tag

by Victor Lopez
NewsWest 9

PERMIAN BASIN--President Bush hoped to have a deal from Congress on a proposed $700 billion economic bail out, before the opening bell on Wall Street on Monday.  That deal is yet to be seen, but, if it does pass, that means taxpayers dollars could go to businesses like mortgage companies, banks, and even car lenders.  Local residents we spoke to seemed to have mixed emotions on the subject.

Odessa resident, Michael Lemons had this to say, "I don't agree with it, but in this case, I see it's in our Nation's interest, as far as economics.  Actually, it was needed."

The proposed bail out comes on top of over $600 billion that's already been spent this year on the same thing.  When you add the 700 billion President Bush is asking for, that brings the total to more than one trillion dollars.  The cost for two Iraq wars.

Robin Jennings thinks, priorities are definitely out of order, "I think they should lower gas prices.  That should be their number one concern.  Some of us hard working Americans can't afford the gas and they should not worry about those big companies."

Some analysts warn if this financial crisis isn't addressed soon, the economy could very possibly find itself in another "Great Depression."

If these companies were left to fend for themselves the end results could be worse, leaving people wondering, "Who's next?"

According to Lemons, "If they had let it just fall apart, the domino effect would have been worse.  It wouldn't have just been American companies that would have went down and American dollars, it would have been a lot of other things."

Although it is a necessary evil, he hopes it won't go on forever, "It's sad when, after the fact, the government comes in and starts to regulate and has to patch the problem.  I hope we don't have to do it for every company in the Country."