And from The Echo...

http://www.walesonline.co.uk/news/letters-to-the-editor/south-wales-echo-letters/2008/10/02/truth-behind-us-bail-out-91466-21950631/


Truth behind US bail-out

Oct 2 2008 by Our Correspondent, South Wales Echo

AS an American student living in Cardiff, I have a lot to say about recent UK articles criticising the US House of Representatives for not passing the $700bn bail-out.

In its current form the bail-out would slam high taxes on working class, elderly, and deprived Americans – people facing the same problems as you.

The people who lost their jobs because of the crisis and the people who depend on government support to survive will be in for a shock.

One of the bail-out’s absurdities is that the American government expects taxpayers to pay for the government’s economic mistakes.

If the government didn’t encourage banks to engage in high-risk lending and other volatile behaviour to begin with, we wouldn’t be in this situation.

Bailing out these banks will encourage them to continue gambling on taxpayers’ livelihoods, while the comfortably rich will barely feel its sting.

We’re all scared. We all want a solution – and we want it yesterday.

We all, regardless of location, have to face this time of economic crisis. We are already in the crisis, every one of us. It will get worse, no matter what.

But can a plan scraped together in a week fix a problem brewing for years?

Dianne Selden (American student journalist from Ohio), Corvette Court, Atlantic Wharf, Cardiff Bay

Letters to the editor

Being in Cardiff during this time of U.S. economic crisis is fascinating. U.K. articles (on the House failing the proposed bailout) wag fingers at the U.S. government for not saving the rest of the world from recession. After reading numerous articles on CNN, Fox, and other news Websites and after heatedly talking with interns and Welsh coworkers (who had varying opinions), I concluded that the bailout in its present form would have been a very bad idea.

Responding to several articles in Welsh newspapers criticising the bailout's failure, I sent letters to the editor (called Viewpoints, here) of both the Daily Post (North Wales) and the South Wales Echo.

The Echo won't come out until 2 p.m. here.

The Daily Post (which had a shorter limit than the the Echo) published my letter:


Why US bailout is wrong answer
THE US must do something about this economic crisis, but the $700 billion bailout won’t work.

In its current form, the bailout will slam high taxes on working class, elderly, and deprived Americans - people facing the same problems as you: mortgage problems and job losses included.

But if the government didn’t encourage banks to engage in high-risk lending and other volatile behaviour, we wouldn’t be in this situation.

Bailing out these banks will encourage them to continue gambling on taxpayers’ livelihoods, while the banks’ heads, the comfortably rich, and the politicians trying to pass it won’t be affected.

Can a plan scraped together in one week fix a problem brewing for years?

Citizens of the world have to face this fearful time of economic crisis.

Do we weather it out humanely, supporting each other, or do we frantically clamber to make it out on top, forgetting those we crush?

Dianne Selden, an American student living in Cardiff Bay

(Daily Post, 02-10-08, p. 14, your letters)