It doesn’t take much to get Cody Willard riled up about the $700 billion Wall Street bailout package recently defeated by the U.S. House of Representatives.
“We’ve had 200 years of private ownership of profits and losses, and somewhere, we came up with the idea that we could never have a down year,” Willard said. “Not every year will be an up year.”
Willard, a Ruidoso native who co-hosts the show “Happy Hour” on the Fox Business Network in New York, was in town Monday and Tuesday, working on a feature on his hometown.
The assignment will give him a chance to show off the village he called home until his high school graduation in 1991, but he’s made a name for himself in the concrete canyons of New York City, both as a financial analyst for Fox and as the founder of an investment management company.
As such, when Willard speaks about the state of the national economy – and the government’s attempt to bail out some major investment firms – his word stands to carry some weight.
“If the Depression taught us anything, it’s that government socialism only exacerbates the problem,” Willard said. “This would be the greatest redistribution of wealth upward in the country’s history. There’s nothing beneficial to anyone but the big firms on Wall Street.”
Unsurprisingly, Willard isn’t in favor of the proposal, which was voted down by lawmakers in Washing-ton on Monday, but is likely to be re-introduced soon with significant changes.
“I don’t think we’ll be able to stop it this time,” Willard said. “It will be tough to beat, but then I thought the first bill wouldn’t be defeated, either.”
Willard has written several articles on the proposed bill on the http://www.foxbusiness.com Web site, and has reported about 99 percent of all comments are in agreement with him against the bailout package.
His most recent post was written while in Ruidoso, in which he reported a majority of the locals are against the bill as well.
“I don’t know a single person here who is for the bailout,” Willard writes. “A well-off elderly couple even laughed today when I asked if they thought they’d have trouble getting a loan from the local bank if Wall Street isn’t bailed out.
“I said, ‘what’s funny?’ They said their local bank hasn’t overextended itself and has prepared itself for the just-started local real estate downturn and that they’ve got capital to put down if they wanted to.”
That comment illustrates what Willard believes about the national economy – that it runs not on the backs of major investment firms in New York, but on the hard work and ingenuity of small businesses and small investors throughout the country.
“The small businesses that are the lifeblood of small communities like this are also the life blood of the country,” Willard said. “Taxing them to bail out big banks and investment firms can’t help anybody.”
Filed under: Bailout, Bailout Negotiations, Bailout Opposition, Banking Crisis, Cody Willard, Financial Crisis, Fox Business News | Tagged: Bailout, Bailout Negotiations, Bailout Opposition, Banking Crisis, Cody Willard, Financial Crisis, Fox Business Channel |