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Wall Street crisis 'scary as hell'

Miami Valley folks weigh in on financial woes, Bush's $700B bailout proposal.

By Jim DeBrosse

Staff Writer

Thursday, October 02, 2008

Fear and anger, and in some cases, a strong dose of both.

That captures the reaction to the Wall Street crisis and pending government bailout from several dozen people selected at random at the Dayton Mall on Wednesday, Oct. 1.

"It's scary as hell," said Fern Archer, 68, of Washington Twp., who fears a looming credit squeeze and economic death spiral if Congress does nothing. "But I think somebody should be held responsible (for the crisis), even if it means going to jail. They're getting rewarded for doing bad."

"Nobody bails me out when I get in trouble," said Andy Brooks, 44, of Fairborn. "I can see maybe a loan to (Wall Street firms), but not a 100 percent gimme. These are worthless assets."

Brooks said Congress ought to go after the luxury items of executives who profited before the whole scheme collapsed. "These CEOs should have to give up their million-dollar homes, their $100,000 cars, their jets and their ski condos" if a bailout plan is approved.

Jay Brown, 49, of Dayton said a bailout "is just like welfare. I know there's a lot of things at stake, like people's jobs and pension plans. But if they have the same people come in and manage the thing (once it's bailed out), how is it going to get any better?"

Jessica Kreitzer, 26, of Kettering favors a bailout only because "it's a better idea than (nothing). I definitely think we're all in a whole lot of trouble."

Dwan Siders, 73, of Springboro said he was originally for a bailout but has since reconsidered because he thinks more regulation of the mortgage industry should be part of the government plan.

"I know some instances where people were given these subprime loans — college-educated people. (The lenders) told them, 'We really don't care what you make, or if you're secure in your job. You can even borrow the $20,000 down payment,' " Siders said.

"I hate to see government intervention in everything that is out there, but obviously somebody should have been watching these people" offering loans.

Contact this reporter at (937) 225-2437 or jdebrosse@DaytonDailyNews.com.

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