Now I feel different about the Bailout of Wall Street

Wednesday, October 1, 2008

A couple of days ago, I was really unsure about the Bailout plan. However, I’ve had a change in perspective. Here in Metro Atlanta, we are experiencing disruptions to our gasoline supply. There are many days that we can’t get gas. So, when you do see a station that has petro, you would be wise to fill up.

Case in point, two days ago, my wife called me at 6:15am to come and some gas from the station about a mile from the house.  I arrived only to see at least 30 or more cars waiting in line. I got in line and after about 10 minutes of waiting, a vehicle pulled into an empty gas stall with a red bag over the pump. Some lady walks over to the vehicle and started telling the person they can’t pull into the stall because she and other have been waiting for 30 minutes. She was right; however, her approach was all wrong. She started yelling and the vehicle pulled off. She got into another altercation with another customer. She told the other customer, who was from the Middle East, that she should go back to her country. She also shouted, ‘Why are you over here (America) anyway?’ That was not cool at all and I told her so.

Later on in the day, the House of Representatives did not pass the Bailout Plan and the stock market declined 777 points. This got me thinking about, if we were to suffer an economic collapse, how the average person would respond to the inability to get cash or pay with a debit card. What if grocery stores were unable to stock food because they don’t have enough cash on hand to purchase inventory and their credit lines have been frozen? What would happen then?

I don’t know, but I don’t really want to find out. Let’s not forget Washington Mutual is out of business and Wachovia’s banking assets have been purchased by Citigroup, Inc.  All of things have caused me to change my position over the last few days. Maybe, just maybe, something really bad could happen if things get much worse. So, the Bailout may not be just about Wall Street, it could soon be about My Street.

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