The Bush Administration has backed
down after lawmakers from both parties demanded there be limits on executive pay
as part of the bailout deal. The President will also address the nation tonight,
pleading for public support for the $700 billion bailout.
I have called
the offices of several Minnesota lawmakers and they are getting
hundreds of phone calls from constituents, most in opposition or expressing deep
reservations about the proposal.
On the other hand, the Chairman of
the Federal Reserve is saying unless the bailout is passed quickly their will be
grave consequences for our economy. Ben Bernanke is warning without the rescue
there would be a recession that would feature high unemployment, high interest
rates and extreme difficulty getting any kind of
loan.
What do you
think?
Note: You can watch the address tonight on WCCO-TV and streaming live on WCCO.COM.
