Economic Bailout and Impending DOOM!


Chase Tower North View
Originally uploaded by eschipul

Saw this post on twitter of Peter Finch from the Movie Network – "I don’t have to tell you things are bad; everybody knows things are bad..." and that is pretty much how I feel.

The stocks are crushed and the only solution (we are told) is to give 700 Billion to wall street bankers. We have a bailout tracker and npr states.

The Bush economic team has been saying for weeks that the financial
world as we know it would end if a rescue plan was not put in place in
short order.

And after record losses by points on the stock exchange yesterday, today we hear they may have a new plan and stocks are rebounding this morning. Banks are being rescued and purchased.

And while all of this is going on, well, we are getting angry. Really angry. But it is a very hard anger to direct. And for the euphemistically named "main street" where we all live, we don’t quite see the problem yet.

No really, so all of the investment bankers are going broke. OK, so
if we went out of business I’d be broke. Nobody bails me out, and I
don’t even have a home in the Hamptons like they do! What is with the
double standard?

Tightening of the credit markets you say? That we won’t be able to get a home loan or a car loan or a business loan on inventory! Well gee, those are all ASSET BACKED LOANS.
What makes you think banks will stop doing that? And if so, give me a
bill in congress that insures direct to consumer and direct to business
loans.

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