It has been maddening to watch and listen to the media coverage of the Wall Street Bail Out/ Rescue or whatever you want to call it. Liquidity is something that our economy must have. In other words, banks must have monies to loan to folkies or the whole operation shuts down my friends. Apparently 95 percent of Americans don't get this.
While I agree with President Bush that Wall Street got drunk, the American public also has a lot to answer for. Americans have been asleep as legislators from almost every state have abused earmarks that have been tied to every piece of legislation passed including and even especially the monies that fund the wars in Iraq and Afghanistan. The public has looked the other way as their representatives have over-spent. It's a general problem. There are lots of us who buy much more house than we can pay for and more car and carry credit card debt we can't afford... all of which has contributed to this mess.
So, one way or the other WE as the general public have to bite the bullet and take the consequences. My strong preference is that we urge our legislators to get some kind of rescue package passed and fast. My congressman, Rob Bishop, voted against the bail out bill.. he will be hearing from us tonight and possibly in November.
How does it affect "Main Street" if we don't... (I swear I'm going to gag if I hear one m0re time about Wall Street and Main Street). If banks don't have money, then neither do you. If you want to get a car loan, a home loan, a home improvement loan, a small business loan, if your small or large businesses requires a line of credit to make payroll ... if congress doesn't do something fast.. we can forget about all of that. Think of how just the things I've mentioned can shut the economy down tight.
You may be thinking that YOU are one of those responsible people. You have protested in writing every time your representatives have over-spent. You have used credit responsibly and carry no debt. But, if you work for the car dealership, the real estate brokers, or the furniture retailer down the street and you would still like a pay check this weekend... I'd get my congressman to grow some chest hair and vote for some kind of rescue package. Is that "main street" enough people?