(Photo by Robin Holland)
This week on the JOURNAL, scholar Emma Coleman Jordan talked about the economic crisis and the controversial government bailout legislation. When Bill Moyers asked who stands to lose in the economic rescue package, she replied:
“The middle class is getting the short end of the stick, and those who are in that bottom quintile, the bottom 20 percent, who are not getting basic needs met and are struggling to get by everyday.”
As the McClatchy Washington Bureau reports, many citizens and elected officials have been ambivalent about the bailout, troubled by some of the legislation's provisions but reluctant to stand in its way.
"Rep. Jim McGovern, D-Mass., summed up the feelings of many of his colleagues when he described the legislation as 'far from perfect' but acknowledged: 'The way I see it we don't have much choice.' ... Lobbyists from banks and giant corporations joined ordinary citizens throughout the week in urging House members to support the bill. Public opinion earlier ran strongly against the measure — widely perceived as a bailout for Wall Street — but sentiment shifted after the first House vote, when a stock-market plunge hammered millions of stock-backed 401(k) retirement plans."
What do you think?