Letter: Give 'rescue plan' opportunity to work

The $700 billion of the $810 billion financial rescue plan is not a bailout. A bailout would be if we gave these financial institutions $700 billion with no provisions for paying it back.

Instead, it’s an investment that buys real estate mortgages, which would be in the possession of the U.S., and hopefully we should be able to sell them for about what we paid for them at a later date. Maybe we could even get all $700 billion back. A large portion of the news media, and others, are wrongfully portraying this proposal as a “give-away” to the financial system.

The Associated Press recently compared buying these R.E. mortgages with buying land for parks, money for NASA, etc. But their examples were examples where there would be little or no chance of getting the money back although they’re worthy projects.

 Also, recently an Associated Press photograph showed a sign held by Robin Radaetz in front of Lehman Brothers that included the words “Who will be next... will you be next?” This sign’s only purpose seems to be to put fear into people. Doesn’t the Associated Press realize that fear is one of the main ingredients in a recession or depression?

Wendell Martin
Denair