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Obama hopeful about economy, LIers unsure

The stock market reacted positively to economic announcements from the Obama administration Monday, but many on Long Island say the government is still going in the wrong direction. The Dow surged nearly

News 12 Staff

Mar 23, 2009, 11:01 PM

Updated 5,593 days ago

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The stock market reacted positively to economic announcements from the Obama administration Monday, but many on Long Island say the government is still going in the wrong direction.
The Dow surged nearly 500 points Monday after Treasury Secretary Timothy Geithner announced details of his bank rescue plan. Also Monday, President Barack Obama says he?s very confident the steps his administration is taking will rebound the economy.
Geithner?s bank rescue plan offers financial incentives for private investors to buy up the banks? toxic assets. Dowling College economist Irwin Kellner says it?s still unknown whether private investors will participate with the ?same government that has been, in my opinion, passing illegal retroactive taxes against them and has been criticizing them and vilifying them.?
Warehouse manager Warren Whitman, from Commack, is reserving judgment on the plan?s success for down the road.
?It was not [Obama?s] mess,? Whitman says. ?He walked into it, and hopefully he'll do the right thing.?
Others are more critical.
"I wish the government would just stay out of it,? Sonia Grgas, of Syosset, says. ?It?s socialism. I think they should just let the chips fall where they may.?
However, some residents say it?s important to keep in mind that it?s still early in the Obama presidency.


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