Taxpayers Express Concern over Bailout

KPBS | By KPBS Public Broadcasting

Published October 1, 2008 at 10:36 AM PDT

This story was published more than 15 years ago.

On Monday, Congress failed to pass the $700 billion bailout package for America's financial institutions. Concern and confusion remain as to the best approach to fixing the ailing U.S. economy. We'l

Tom Fudge : The financial bailout package that everyone is talking about is a fast moving target. Now, party leaders are offering tax breaks to entice reluctant members of Congress to pass the thing.

The thing is a $700 billion relief package in which taxpayers would buy up a lot of bad mortgage securities to prop up the American credit markets. Top U.S. government officials and many economists say this is needed if Americans are going to continue to be able to borrow money. If they can't, then we're told the economy could enter a depression.

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But the House defeat of the bill early this week shows how resistant many Americans are to the bailout plan.

Guest

Bob Filner , is a Democratic Congressman representing California's 51st District.
Dan Seiver , professor of finance at San Diego State University.