Why is the bailout being opposed?
For one, there is no guarantee that this $700 billion will be enough to take care of the crisis on Wall Street.
Two, a bailout of this kind will in a way incentivise wrongdoing, as these institutions will think that despite their wrong decisions and greed -- which led to this unprecedented crisis -- the US government will bail them out.
Three, people are angry with US bankers, who created fancy financial instruments and extended loans to people with unstable incomes and low creditworthiness and gambled with US money, are now having to be bailed out by ordinary citizens.
Four, every American taxpayer will have to shell out about $5,500 to help finance the $700 billion bailout.
Five, US citizens are worried that this might lead to an increase in taxes over time.
Six, some economists also believe that the bailout might not work at all.
Image: A man walks past the charging bull statue near the New York Stock Exchange in New York. | Photograph: Mandel Ngan/AFP/Getty Images
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