LIers hopeful, but uncertain $700B bailout will pay off

Long Island residents say they are cautiously optimistic, while others are skeptical after President Bush signed the revised $700 billion financial bailout package Friday. While lawmakers say there is

News 12 Staff

Oct 3, 2008, 11:46 PM

Updated 5,769 days ago

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Long Island residents say they are cautiously optimistic, while others are skeptical after President Bush signed the revised $700 billion financial bailout package Friday.
While lawmakers say there is more in the bill for Main Street taxpayers than the original bill proposed by Treasury Secretary Henry Paulson, Babylon surf shop owner Charlie Bunger says he has his doubts.
?I got into trouble in the 70s it took me 15 years to bail out myself,? Bunger says. ?And here these guys get bailed out in a week, two weeks, whatever it is, it's just a disgrace.?
Bunger says he sees no relief coming to him from the new plan despite its suspension of the Alternative Minimum Tax and other added tax breaks. He says it?s filled with grants and tax breaks for specific businesses that won?t help the average taxpayer.
Others say the bill wasn?t thought out enough. ?All I know is it seems like a tremendous amount of money to be pushing in such a short time,? Doris Hurley, of Brentwood, says.
Who are the winners and losers now that the bailout package is law?


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