Lee Terry gives his two cents on the bailout

Phone calls, letters and e-mails to Nebraska Second District Congressman Lee Terry’s office are echoing the same thought… the Bush administrations proposed bailout of the financial industry doesn’t have any safeguards for the American public. Terry rejects the president’s claim that too many strings would hamper the bailout.
“They said that could inhibit their participation in the program. That’s bull.”
Terry also isn’t buying the notion that the troubled financial industry will reject a plan requiring more oversight than what the president is proposing.
“Here there company has a choice to participate or going bankrupt and creating a domino effect and they are going to let that happen because they want their 20-million dollar salaries? Bull.”
Terry wants assurances that the money won’t be used as severance package payoffs or bonuses.
“There is no way in heck any congressman would support putting that money into the pockets of these ceo’s that caused this problem.”
Terry says many of the calls and letters he received tell Congress not to back the plan to rescue Wall Street unless one thing is an absolute guarantee.
“Don’t reward the people that cause the problem.”
Terry does believe the bailout is necessary but again will not support it unless safeguards are in place to protect the public.