I see the sheeplike press have taken up the politicians clever "Main Street" not "Wall Street" rallying cry. And Congress failed to act on a bailout bill that may have stemmed the nosedive our economy is taking (along with my retirement fund). Even I, a person without a shred of economic savvy knows that perception is everything when comes to people's spending habits. Regardless of whether the bailout would have literally helped, it would have given people some hope and perhaps got them spending again (cash not credit).
I don't claim to understand the nuances of sub prime lending or how it is bringing down major financial institutions. I do know that trading on Wall Street is like throwing firecrackers in front of sheep. They'll stampede in the opposite direction at the slightest hint of bad news. And with it goes our bank accounts and retirement funds that are inextricably tied to the value of stocks.
I have never been one to use credit cards to live. I hate being in debt. I have a mortgage, but it kills me knowing that I owe somebody money for my house. And with the panic of the latest economic situation, I probably couldn't sell my house if my life depended on it. One no one is lending and two, there is a glut of foreclosures out there that the vultures can swoop down on for pennies on the dollar anyway.
So I sit like everyone else, wondering what will happen and what it means to my family. Oh, and I don't give a rip about Main Street or Wall Street. I care about my street.