Residents frustrated by bailout

Friday, October 3rd 2008, 7:26 pm
By: News 9

By Jon Jordan, NEWS 9

OKLAHOMA CITY -- The 451 page rescue plan has passed, and many are wondering if this will help Oklahomans and keep the state out of dire financial straits.

Many residents said they are furious with the idea of bailing out the banks. But analysts said what Americans don't see written in between the lines is help for everyone.

Bishop Neal Johnson isn't struggling just to pay bills these days; he's struggling to understand why.

"We all have to be upset about it. What have we got? Nothing," Bishop Johnson said.

Bishop Johnson can't understand why the banks, who are blamed for the current economic problems, seem to be getting off scot-free when he still has trouble buying bread.

"When we get in bad shape, they want to stop everything," Bishop Johnson said. "We lose our money, our homes, cars and our families. That's the price we pay."

He is like so many other Americans frustrated Congress has chosen to bail out Wall Street while many Americans continue to struggle. However, analysts said what Congress did will benefit everyone.

"Main Street and Wall Street are on the same street," financial expert Vince Orza said.

Orza said granted, Oklahomans may have been able to sustain much of the economic impact, but it was only a matter of time before things got worse.

"We avoided an increase in busines failure because businesses that are very solid and are doing, like in Oklahoma City, the right job," Orza said. "They go to make their deposit in the bank. Today they're going to do payroll. Tomorrow the bank doesn't have that money, now you're mad at your boss because he can't pay you."

Orza recognizes Oklahomans are frustrated but he said to do something was better than doing nothing.

"This isn't pleasant. This isn't tasteful, but you have to do something in a crisis situation," Orza said.

Orza also pointed out this is a decade old problem, so it could be some time before the economy rebounds.