Financial Crisis: Elon Responds

Students and Residents of Elon respond to the $700 billion governmental plan to bailout financial firms


By Daniel Temple


September 24, 2008-  In the upcoming days, it is expected that Congress will bring to the floor a plan to bail out U.S financial firms to the sum of $700 billion.

If you average it out, that works out to about $2,333 per person. With the economy floundering, gas prices soaring, and major investment firms filing for bankruptcy, the plan comes at an extremely delicate time.

The public response of course has been tremendous, both sides with legitimate opinions and concerns about the bail out plan. At Elon University and in the town of Elon, a number of individuals have a variety of opinions on the subject.

Monica Nicholson, an Administrative Assistant at the Elon Community Church, calls the plan “pretty ridiculous.”


Nicholson disapproves of the $700 billion plan

Nicholson disapproves of the $700 billion plan

Nicholson is confused at how a CEO can still bring home millions of dollars, while middle and lower class taxpayers must foot the bill. “Obviously something went wrong with the way these companies are handled,” she said, “Surely they had to see this coming.”

Unfortunately this is something many of us did not see coming. Some economists are calling this the worst recession since the Great Depression.

Certainly it has had a negative impact on nearly every situation in the United States, and of course the town of Elon is no exception.

Mike Dula, the Elon town manager, says that the biggest overall change has been in residential building. Since the recent collapse, building has been virtually non-existent, as people are extremely hesitant to venture into any major business deals.

Elon town manager Mike Dula

Elon town manager Mike Dula

Dula also says that the town also receives money from a gas tax, which has fallen off in terms of revenue over the past couple of months, as people are trying to save at the pump. “Overall, we are receiving less money because people are trying to conserve,” says Dula.

In the end though, Dula ultimately says he approves of the bailout plan. “I approve of it because it shows we are making an effort,” he says, “We can’t just let things go on the way they are.”

Perhaps though what makes the situation so frustrating for many is the complexity of the situation. Many people are left wondering, how did this happen, what can we do to change this, how does this all work?

Elsie Youssy, a student worker at the bursar’s office at Elon University, says she simply, “doesn’t understand what is going on.” She understands that times are tough, but that the situation is “so confusing” that it is really hard to formulate an opinion on it. “I am worried though,” she remarked, “It’s all just one big mess.”



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3 Comments on “Financial Crisis: Elon Responds”

  1. lcowie Says:

    haha good pictures

  2. Janna Says:

    Hobie, you have some good things going here. You got out and talked with local people and caught an idea of how they feel. You have some copy editing problems here and there throughout. You need to go over it carefully yourself and then see if a classmate who’s a good editor will take a look and give you an opinion. I’ll start things out by saying that the first line should have “bail out,” not “bailout” and $700 billion, with no “dollars,” so it should read:

    In upcoming days, it is expected that Congress will bring to the floor a plan to bail out U.S financial firms to the sum of $700 billion.

  3. Janna Says:

    I love the photos, and I hope you can get the weird spacing fixed, so the layout looks better!

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