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Local Bankers, Business Leaders Back House Vote Save Email Print
Say bailout bill the right first step
Posted: 6:02 PM Oct 3, 2008
Last Updated: 7:11 PM Oct 3, 2008
Reporter: John Chapman
Email Address: sixonline@wowt.com

A | A | A

Local bankers and business leaders met Friday to show support for the bailout plan approved by the House of Representatives. They know it was a tough decision, but believe it was the right one.

They do warn though that the approval is not the answer to all of the country’s economic problems.

"This is not going to be an immediate cure, but it will go a long way to get us back on the road to recovery and that’s what we need at this point in time,” said United Republic Bank CEO Mike Pate.

Many business owners agree with Pate that the bailout was the right way to go. There was talk about how Omaha was insulated from all the economic trouble caused by the turbulent economy, but trouble was on its way until the bailout bill was passed.

Every day is Christmas at Brite Ideas decorating at 38th and Farnam. Travis Freeman has been in the Christmas decorating business for almost 20 years. He and his company make decorations overseas and bring them to the U.S. In order to make it work, Travis needs a line of credit. In order for that to happen, Congress needed to pass the bailout bill.

"If the bill doesn't pass, right now the credit market is shut down. If we can’t get this bill passed people will be out of jobs. We're not gonna be able to get our product to sell to our end users. People have already placed orders expecting things so we really need for that to happen."

All Travis wanted for Christmas was for Congress to pass the bailout bill so his workers could keep working and Christmas could continue to be bright and happy. His wish came true and it’s a good thing.

His company has been through a lot and to have his line of credit cut off could have spelled the end. "We've been through a fire, we've been through a strike in California where our product didn’t get here. This would be the worst of all of them."

Local business leaders say in Omaha, the community banks kept the lines of credit open. The passage of the bailout plan should help keep business like Brite Ideas open and going strong.

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Posted by: My Wish on Oct 4, 2008 at 12:47 PM
I wish to see those greedy banker pigs doing dives off their office buildings like they did at the start of the Great Depression. Let the economy sink, and maybe real family values will return. I can live on TV dinners and water from my garden hose, no big deal.

Posted by: Bad Bill on Oct 4, 2008 at 11:55 AM
This stupid thing will cost enough to buy 150 Nimitz-class Aircraft Carriers (they're about 4.5 bill per).

Posted by: Anonymous on Oct 4, 2008 at 10:22 AM
The banks didn't do this to themselves; they were forced to lend to poor credit scores by the Community Reinvestment Act created in 1977 and made worse in 1995. Read here: http://en.wikipedia.org/wiki/Community_Reinvestment_Act

Posted by: ME on Oct 4, 2008 at 03:56 AM
Yeah, of course, businesses get the help. They can cook the books all they want now and cry, "I need a bail out!" and our government will come arunnin', just like a silly little lap dog!

Posted by: Lynda on Oct 4, 2008 at 12:16 AM
Of course they did...oh and poor poor Bright Ideas...they wouldn't have been able to pay THOSE OVERSEAS WHO MAKE THEIR PRODUCTS???ONCE AGAIN TAKING AMERICAN JOBS OVER SEAS, and then sounding so flipping interested in we the people. I don't like to cuss but this kind of crap would certainly make a saint cuss!Bright Ideas and others who steal American jobs by sending them over seas and using the excuse"to make it work" should be boycotted! I know we will!

Posted by: Gary on Oct 3, 2008 at 10:28 PM
some banks have been responsible. Like US Bank. They didn't make bad loans to unquailfied people for houses they couln't afford. Washington Mutual did.

Posted by: Are you Kidding? on Oct 3, 2008 at 07:58 PM
Let's see, President Bush makes an urgent plea for this bailout, stating that credit will just disappear without it. Rush, rush, rush! Don't think before you act! Don't even carefully read a document over 400 pages long! Doesn't this seem like a familiar picture? Remember we had to invade Iraq because of weapons of mass destruction? Now the senate and congress fall right into line, and guess what, we all lose again.

Posted by: Steve on Oct 3, 2008 at 06:26 PM
Of course local banks and business leaders support the bill. It gives them a get out of jail free card. They got a lifeline.

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