Details are still being worked out about the financial rescue plan. From what we know already it seems to me more as a rescue of the speculators at banks and mortgage institutions than an effort to help the homeowners.

That is the way the stock market is reading the news bidding up Dow Jones several hundred points in a day.

I strongly urge Maine’s congressional delegation to make sure that the rescue money, all $700 billion, will go to where it should go, to ease the burden of suffering homeowners and not to save the profits of those who are responsible for the breakdown. I’m in favor of a step-by-step approach, giving the treasury $150-200 billion now and then review the situation with the possibility of adding more money later.

It is hard for me to imagine a former CEO of Goldman Sachs, now secretary of the treasury, thinking more about suffering ordinary people in this situation than bailing out the finance industry. I am sure that Maine’s senators and House members will think about doing good for ordinary people in Maine when they have a chance to sit down to formalize the legislation for the operation during the coming days.

Par Kettis

Castine