Valley Bailout Questions

September 30, 2008 12:51:28 AM PDT
Do you feel your money is safe in the bank? Experts say yes but some consumers are unsure.Local financial experts are split on whether they support the government bailout, while other people in the central valley say they simply feel uninformed.

There are no lack of strong opinions across the valley on the Wall Street bailout including Fresno State Finance Expert Dr. Manuchehr Shahrokhi. He says the government's $700 billion dollar plan is like putting a band aid on a cancer patient.

Dr. Manuchehr Shahrokhi said, "We need to cure the cancer and this administration has failed us, Wall Street has failed us ? Greenspan has failed us."

On the other side of the coin the California Bankers Association who strongly supports the bailout plan.

Beth Mills, CA Bankers Association: "It's key to providing stability to the financial markets you saw the Dow go down almost 800 points today and part of that is uncertainty on the financial markets."

And there are those who are confused. An exclusive action news poll conducted by SurveyUSA shows there are plenty who fit in this category. Only 15 percent say they support the bailout. 38 percent oppose it and 46 percent say they don't know enough about it.

Jacob Joliff said, "I think that basically people aren't informed of what's going on nobody cares there's a lot of indifference about it just like any kind of governmental kind of scandal, there's not a lot of trust."

Parissa Shiralian says even before the Wall Street fall-out, she never kept her money in a bank. She's happier watching over it herself. Shiralian said, "I would feel allot safer if it was in my pocket and not in some bank and considering hearing about all the stuff I wasn't even informed about I just feel more comfortable having my money on me."

Financial experts say bail out or no bailout plan, if you have less than $100-thousand dollars in a bank or credit union, your money is safe.

Shahrokhi said, "As a saver as an investor you and I need not worry if we have invested our money in banks that are insured by FDIC."

Dr. Shahrokhi says there are plenty of websites where consumers can check the FDIC's ratings on banks like www.bankrate.com. The FDIC rates a bank's safeness through a star system five stars being the best.

-----------------------------------------------------------------------------------------------

abc30 News Links:
Links to other news sections on our website.

-----------------------------------------------------------------------------------------------

Breaking News Alerts:
Click Here to Sign-Up for Breaking News E-Mail Alerts
Receive Breaking News alerts in your email inbox.


Click Here to Sign-Up for Text Message Alerts
Receive Breaking News alerts right on your cell phone.


-----------------------------------------------------------------------------------------------

Load Comments