The Times Journal & Russell County News
Wednesday, Jul. 23, 2014 — RUSSELL SPRINGS & JAMESTOWN, KENTUCKY — russellcounty.net
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The economy and you!
In Oct. 2-8 Issue

Congress has the duty to make the hard decisions. None have apparently been more difficult that the $700 billion financial bailout bill now being proposed and just weeks before the election.

The House rejected the plan and we will never know if the rejection was real conviction or just scared to vote for it.

It appears that most of  working America opposed the bailout as they viewed it as a gift to Wall Street at their expense.

Did lawmakers muff an opportunity to stabilize the markets and give the economy a fighting chance to recover. Or, did they do the correct thing by not providing the bailout.

In any event it now appears they were more afraid of loosing their jobs than they were concerned about the economy.

The stock market plunged over 700 points Monday. Millions of Americans lost value in their retirement accounts or other investments. Gloom and doom existed.

Then, the following day the market rebounded. Why? Was it because most assumed the bailout was to be passed? Or, was it for other reasons.

Just as both parties deserve some blame for policies that led to this crisis, so do both share responsibility for Monday's failure of a compromise.

Rep. Jeb Hensarling, R-Texas, said, the proposal "is too much bailout and not enough workout. ... I fear that taxpayers may end up inheriting the mother of all debts." The solution may have to shift more of the risk away from taxpayers and onto private firms.

What bothers us the most is the fact the answer to this dilemma will without a doubt be based on what is best for the political parties and what is best for Washington.

To tell how serious this problem really appears to lawmakers, the House was not even in session on Tuesday and the Senate was only available for discussion and no vote.

The major topic of discussion Tuesday was the fact they all agreed to raise the FDIC insurance from 100,000 to 250,000.  We are sure the average working taxpayer will now be much relieved that the $200,000 in their checking account is now much safer!

Surely, surely, surely, lawmakers can place  political blinders on themselves and for one time work and vote for what is best for this country and not for what is best for Democrats or Republicans. 

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The Times Journal is a weekly newspaper issued on Thursdays. It was first published on October 13, 1949, by Andrew J. and Terry Norfleet.
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P.O. Box 190
120 Wilson St.
Russell Springs KY 42642
Phone: 270-866-3191
Fax: 270-866-3198
Russell County News is a weekly newspaper issued on Saturdays, and is mailed free to every address in Russell County, Ky. It was first published on February 1, 1913.
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404 Monument Square
Jamestown KY 42629
Phone: 270-343-5700
Publisher:
David Davenport
(publisher@tjrcn.com)
Managing Editor:
Greg Wells
(editor@tjrcn.com)
News & Sports Editor:
Derek Aaron
(sports@tjrcn.com)
Advertising Manager:
Stephanie Smith
(ads@tjrcn.com)
Business Manager:
Kim Haydon
(business@tjrcn.com)
Production Manager:
Renee Daffron
(people@tjrcn.com)
Jamestown Office:
Kim Graham
(rcnoffice@tjrcn.com)
PUBLIC MEETINGS
Members of the public may attend meetings. Boards or agencies may schedule other meetings at special times, but are required to notify the public.
FISCAL COURT: 2nd Monday of month, 6 p.m. in the Courthouse
RUSSELL SPRINGS CITY: 2nd Thursday of month, 6 p.m. in the City Hall Municipal Room
JAMESTOWN CITY: 3rd Thursday of month, 6 p.m. in basement meeting room at City Hall
SCHOOL BOARD: 3rd Monday of month, 6:30 p.m., Board of Education office in Jamestown
LIBRARY BOARD: 2nd Tuesday of month, 5 p.m. at Jamestown Library
AIRPORT BOARD: 1st Tuesday of month, 5 p.m. at Airport
TOURISM COMMISSION: 2nd Wednesday of month, 12:30 p.m. at Tourism Office
CHAMBER OF COMMERCE: 3rd Tuesday of month, noon at The Cove restaurant
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