In light of the vast difference of opinion among legislators in Washington and business people across the nation, the Greater Syracuse Chamber of Commerce polled its members on October 1 and 2 to find out what Central New York businesses are thinking.
Nearly 200 business leaders completed the survey.
Here are the questions asked and how the local business community sees the current situation:
Q: When asked "In your opinion, is Washington working on a "bailout" or a "rescue" plan?"
A: 58% said it's a bailout
40% said it's a rescue plan.
Q: Do you believe there is an urgent need to enact a plan or do you support market forces continuing to work this out?
A: 54% said there is an urgent need
46% trust market forces to work it out
The survey asked respondents to explain their support or opposition. Those in favor cited:
tight credit for all types of borrowing
the need for a stable economy
need to restore confidence in the economy
fear of continuing downtown uncertainty because their business and customers are closely tied to Wall Street and investments.
Some respondents indicated their support was hesitant but were afraid the situation will worsen without enactment of a rescue plan.
Those opposed to a plan said:
they trusted market forces to work it out
distrust the government to handle this well
are concerned about growing the federal deficit
believe the economy needed to make this correction, view it as "socialism", and are concerned that the plan will benefit the people who caused the problem. Several members have called the Chamber personally to express their vehement opposition to the plan. No calls were received in support of the plan.
Fifty-four percent said that the Wall Street financial crisis has impacted their business and their customers.
For the real estate business, mortgage money is tighter and high down payments will be required.