Some Youngstown residents worry about what lies ahead

By ELISE FRANCO

YOUNGSTOWN — City residents had a lot to say after catching up on President Bush’s Wednesday night speech urging lawmakers to pass a $700 billion financial rescue plan.

David Anthony Germek of Youngstown said he watched part of the speech on the news Thursday morning.

“They’ve got to do something, or the banking system will collapse,” he said.

Germek said he has no plans to remove any money from his bank, but he is concerned that a recession may affect his Social Security Survivor insurance and tuition at YSU.

“Three of the five major banks have already failed,” he said. “If the other two go down, there will be nothing left.”

Edna R. Payne, also of Youngstown, said she doesn’t usually get involved in politics, but this is an issue no one can ignore.

“I don’t trust this bailout,” she said.

Payne said she thinks something needs to be done to help the failing economy, but she doesn’t think lawmakers should rush into passing this plan.

“I don’t fault Congress for wanting to take their time with this and protect Americans,” she said.

Although the future of the country’s economy is seemingly uncertain, Payne said she isn’t making any moves to remove her money out of banks.

“I have to trust in the FDIC to tell me that my money is safe,” she said. “I think those who have a lot of money are concerned, and I don’t blame them.”

Currently, Payne’s biggest personal concern is how areas like Youngstown will be affected by an even larger drop in the economy.

In his speech, Bush said failing to act fast on the rescue plans risks rising foreclosures, lost jobs, closed businesses, wiping out retirement savings, and even “a long and painful recession.”

“Bush called it a recession, but it won’t be. It will be a depression,” she said. “It will be worse because of the technology — because this generation relies so much on their communication devices and technology that it will be so hard for them to get by.”