Page last updated at 02:29 GMT, Tuesday, 30 September 2008 03:29 UK

Bail-out plan rejected: US reaction

The US House of Representatives has rejected a $700bn (380bn) bail-out plan to stabilise the economy. Here BBC website readers in the US give their reaction to the news that took many observers by surprise.


LISA BYRD, BALTIMORE, MARYLAND

Wall Street
The US House of Representatives rejected a $700bn (380bn) plan to bail out Wall Street.
I'm glad this bill hasn't been passed and I'm glad the members of the House of Representatives listened to the concern of their constituents in voting against it.

A lot of average working class people don't want this bill. This problem wasn't created by us, it wasn't our greed that got us into this situation.

I live within my means and pay my bills. Why would I want to pay an average $3000 extra in taxes for somebody else's mistake?

People in the US went through a binge period and many were living beyond their means. It shouldn't have come as a surprise that that period was going to end.

The banking industry also has a lot to answer for.

The whole system needs to introduce tighter regulation. I've worked in the insurance industry for 22-years and that is heavily regulated.

In banking, eveyone seems to be able to do what they like without any checks and balances.

BRIAN HIND, KANSAS

Brian Hind
I'm a farmer and one of many who called the offices of our political representatives to tell them in no uncertain terms they would not get my vote this fall if they voted for this package.

I certainly meant it and apparently the message got through.

People here are so angry that these people in Wall Street have been gambling away money that did not belong to them. On top of that, many of these CEOs were walking away with multi-million dollar payoffs.

My congressman, Jerry Moran, was among those who voted against the bail out - and I'm glad he did. A poll on his website yesterday showed 650 people against the plan and only 49 in favour.

He listened to what the people he represents were telling him.

I haven't been affected by the financial situation so far, but I'll be speaking to one of my bankers tomorrow to find out whether my line of credit is going to be curtailed in the near future.

JOHN CAPIN, SAN FRANCISCO

I own a small graphic design company that employs thirty people. We depend on credit for everything from payroll to buying supplies.

I have currently frozen salaries and we are trying to find a way to extend our office supplies.

There needs to be far more oversight and protection given to small businesses like mine

The major bank I deal with has reduced our credit line as well as our credit card limits. The first thing to go is the health care plan we provide.

My investments no longer provide a safety net for the company or my employees, with overdue accounts now standing at 54%.

I was glad the bailout plan was rejected by Congress. I think there needs to be far more oversight and protection given to small businesses like mine.

Over the past few days, I've heard so many stories from my employees about the financial problems they face and they were furious at the prospect of Wall Street being bailed out while they get no help at all.

This is what the US government needs to concentrate more on - protecting businesses like mine and the ordinary employees that work there.

ANDREW WANGMAN, BALTIMORE COUNTY, MARYLAND

My grandparents often talk about the 1930's. My great grandfather was ruined and lost his business and fortune in 1929/1930.

My grandfather is now 90 and most of his life was spent making sure his family never had to go through anything like that.

I have no idea now if that will happen again. I would have said no-way just yesterday.

The Congress had better come to its senses soon or the world credit markets will freeze up and it will be 1930 all over again. They need to show some leadership!





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