Pocono News Section

Bailout Deal Rejected - How Much is too Much?

Bailout Deal Rejected - How Much is too Much? - Monday, September 29, 2008 at 5:22PM EST

? Reported by: Eric Deabill
Monday, Sep 29, 2008 @ 05:22pm EST
SCRANTON, LACKAWANNA COUNTY- Experts say one of the reasons why the financial bill failed is because of its sheer size. 700-billion dollars is more money than almost anyone can imagine. Eyewitness News went out trying to put that number in perspective.

Everyone was shocked when they found out exactly what type of things that money could buy. We also found opinions about the bill that failed were very mixed.

News that historic legislation to rescue the nation's economy went down in defeat Monday afternoon spread fast in Washington and Northeastern Pennsylvania.

People like Marguerite Regan never supported the plan from the start. “I don't think they should rescue Wall Street anymore than they should rescue anybody else. I think it’s terrible what’s going on," she said.

Others like Shana Celli had trouble comprehending the 700-billion dollar figure when it was first announced. “It’s a lot. It’s a lot. I mean, I can't really grasp it because I never had that much!" she said.

You'd be surprised at what 700-billion dollars could get you. Financial experts say you could buy every one of the 32 NFL football teams - 27 times!

You could also give every American adult gas for a year, or you could even buy every person in the country 2,200 McDonalds apple pies.

With examples like that, many people on the streets of Scranton say they're not surprised the proposal went down. “I think the poor taxpayers that have to pay for this are the ones that should be bailed out. They should get something back in return," added Regan.

As for how our local politicians voted Monday afternoon in the house, Democratic Congressman Paul Kanjorski voted in favor of the plan. But Democrats Chris Carney and Tim Holden broke with their party lines and opposed the bailout deal.