Chattanooga: Area residents share their worries on troubled economy
Tuesday, September 30, 2008
As news of Congress’s vote on the proposed bailout spread around Chattanooga on Monday, the economy and the bailout were popular topics around downtown.
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HOW THEY VOTED
* Rep. Lincoln Davis, D-Tenn: No
* Rep. John Duncan, R-Tenn: No
* Rep. Zach Wamp, R-Tenn: No
* Rep. Nathan Deal, R-Ga.: No
* Rep. Phil Gingrey, R-Ga.: No
* Rep. Robert Aderholt, R-Ala.: No
* Rep. Bud Cramer, D-Ala.: Yes
What they said
* Rep. Zach Wamp, R-Tenn.: “We simply cannot borrow our way out of debt, spend our way into prosperity or explain this bailout as anything short of an unacceptable intervention of the federal government into our private sector.”
* Rep. Lincoln Davis, D-Tenn.: “Frankly, I resent the fact my constituents, some of whom don’t have jobs, would have to carry such a burden brought on by private investors who’ve knowingly made high-risk loans. ... I don’t think our government should be in the business of socializing loss and privatizing gain.”
* Rep. Nathan Deal, R-Ga.: “I continue to believe that further consideration should have been given to other options, such as market-stimulating tax cuts and taking real steps to solve the ongoing energy crisis our nation faces by increasing our domestic energy capacity.”
* Sen. Bob Corker, R-Tenn.: “I’m very disappointed in (Monday’s) vote. My sense is that there already are many House members that regret the vote they made, and I believe that by week’s end, we will have dealt with this issue in an appropriate way.”
* Sen. Lamar Alexander, R-Tenn.: “Inaction in this case is not an option. ... Without decisive congressional action there is a real risk that credit will freeze and Americans will not be able to get car loans, student loans, auto loans, mortgage loans, and farm credit loans — or even cash their paychecks. Next week we can fix the blame. This week we need to fix the problem.”
* Sen. Saxby Chambliss, R-Ga.: “Obviously the House vote (Monday) puts everything in a state of uncertainty..., and I am certainly concerned about the way the markets have responded to the vote. I believe failure by Congress to take action ... will have serious repercussions on Main Street.”
* Sen. Johnny Isakson, R-Ga.: “This is the most important issue we’ve faced in a half century. Our country is struggling. Doing nothing is unacceptable. I hope cooler heads will come to the table so we can move forward with a proposal that is in the best interests of the American people, their savings and their future.”
“It affects everybody,” said Jose Vasquez, of Chattanooga, as he walked toward the courthouse on Georgia Avenue. “The big guy and the small guy, but mostly us in the middle class.”
Robert Woody, of Rossville, said he would have loved for the bailout to pass.
“Right now, I think, America’s hurting so bad we’ll take anything,” he said while waiting for a friend on Cherry Street.
Other opinions about a bailout ranged from anger to frustration.
Red Bank resident Jane Bissonette said there wasn’t much of a choice.
“We’re kind of between a rock and a hard place,” she said from a bench in Miller Park. “If we don’t bail them out we go under, and if we bail them out we go under.”
One thing they all agreed on was the uneasiness in the market.
“I’m not afraid ... what’s the word,” Ms. Bissonette said searching for the correct term. “I’ve never felt this level of discomfort with the economy.”
With four children in college, Ms. Bissonette said much of the financial future seems up in the air.
“I’m not to the point where I’m afraid of losing my home, but it’s a possibility,” she said. “Just having that out there — it makes you nervous.”
Students Travis Ruiz and Kristi McKenzie said they saw the symptoms of a slow economy through their jobs. Mr. Ruiz, a technician at an electronics retailer, said his customers are looking for discounted computers and having old units repaired rather than purchasing the latest machines.
“They’re all asking for the cheapest,” he said.
Ms. McKenzie, who works as a server in a restaurant, said customers with less in their pockets leave less on the tables for the wait staff. When she was hired she was told to expect $100 to $120 in tips on a good night, but the tips rarely top $50, she said.
Samantha Bayles, of Ooltewah, said the downturn hit home when she noticed restaurants shutting down for lunch certain days of the week. She’s also reminded about the state of the economy whenever she considers what to do with her 401(k) account, she said.
“The question is, do I pull it out now and get penalized or will I lose it all later?” she asked.
Mr. Woody said families are weighing options and making sacrifices. He said he decided to save the money he would have spent on an out-of-state Tennessee hunting license.
“I’m not hunting this year because I don’t have $300 laying around to spend,” he said.
Strolling downtown Monday, Amber Michaud and Kerri Farmer said they had seen economics at work in the job market.
“Nobody’s hiring right now,” said Ms. Michaud, who is searching for a part-time second job.
Ms. Farmer, a Ringgold resident, Ga., said gas prices are hurting her more than plummeting stocks or bank failures.
“You can’t even find gas to put in your car to get to work if you had a job,” she said.
