Did the bailout work? Or was it a monumental waste of taxpayer money? A little of both, maybe?
Some are calling for Treasury Secretary Tim Geithner’s head, but others think he should be given more time to help the economy to improve. As reported by CNN Money, a congressional panel hearing yesterday got heated, with “Republican Rep. Kevin Brady of Texas asking Geithner to consider resigning, citing the struggling economy, ‘frightening’ deficit and extensive job losses.”
But is the $700 billion financial bailout actually working? We sought answers from Main Street Americans, rather than policy wonks in Washington or on Wall Street. Here’s what they had to say.
“Bailout was not a good idea”
Michele Coy Toole, a Little Rock, Arkansas marketing consultant whose husband is general manager of an auto parts distribution company, is not happy with Geithner’s performance, and speaks about political issues on her Twitter feed. She sent the following comment to MainStreet in an email.
“I would have to say that the bailout was not a good idea for four reasons: 1) it increased the nation’s deficit 2) the whole idea of our country is about success and failure. You can't learn from your mistakes if someone ‘takes’ the consequences away 3) it missed with other industries, i.e. aftermarket auto parts. The cash for clunkers took 750,000 cars off the market, which directly impacts the aftermarket industry and lastly 4) It doesn't appear to have worked. Credit is still tight and the U.S. dollar has reduced in value reducing the buying power of average Americans as well as businesses… As for Mr. Geithner, I don't think he should have gotten the job in the first place. I think there are far more people with better qualifications than him (who actually pay their taxes correctly) that could have done a better job. Reviewing his job performance so far, I don't think he has done a very good job. People should be rewarded for performance and I don't see him performing very well at all so far.”