Published: September 23, 2008 11:58 pm         

Officials must put effort into study of a bailout plan

We’re not surprised the American taxpayers are wary of President George W. Bush’s $700 billion bailout plan for the nation’s financial sector.

First, it’s difficult for most Americans to understand the implications of what is happening with the mortgage crisis and the credit crisis. The effects of these boondoggles often don’t trickle down to our Main Street level for awhile.

Second, politicians of all political stripes are so tied to lobbyists of many of these financial institutions, and to Wall Street, it’s hard to trust the judgment of any of them.

The president, Treasury officials, Congress and Wall Street all are warning the situation is dire and something must be done — and soon.

We take their warnings seriously; however, it doesn’t mean such a plan should be pushed through for time’s sake only. The scary rhetoric is a ploy to get the package pushed through quickly, and Americans shouldn’t tolerate it. This is a huge bailout, and the American taxpayers have every right to know exactly how it will affect their pocketbooks now and in the future.

Another thing American taxpayers won’t tolerate is bitter, partisan bickering over this plan. Even though it’s a presidential election year, there is no room for foolishness and finger pointing.

Everyone is saying the plan must be done in a week. If that’s the case, we say take the entire week to vet it. Congress and the president should burn the midnight oil to put accountability measures and transparency measures into the plan. They should be able to explain to taxpayers the oversight that will be put into this plan.

If it can’t be done in one week, then take two.

This isn’t a political game to be milked for political purposes. This is people’s livelihoods. It’s the country’s financial future.

If government officials expect taxpayers to take them seriously about the need for this bailout plan, then they better act seriously and deliberately and with the utmost amount of integrity.