I am tired of hearing people say that the reason Main Street is opposed to the bailout is because we don't understand the consequences or potential damage not doing the bailout will cause.
Excuse me? I AM quite clear about the potential consequences. I also know that a whole shit load of people that are pushing this bailout haven't got a clue about what THEY are doing.
Why $700 billion? Well...it was a BIG number! Great. Today, the Fed added....$630 Billion in liquidity - without Congress, without the taxpayer, without ANYONE giving them permission.
I heard some moron tell me that McDonald's - an excellent credit risk - couldn't buy coffee because they couldn't get credit. Now tell me people, if I used my Visa card to buy a Starbucks coffee today, would you consider ME a good credit risk? How many companies use credit for daily operations? WAY, way too many.
We use credit like water and think we are smart. Businesses are using credit like AIR and think it is death to not have it. Well, sorry, but I have to get along without credit and there are millions and millions of people and businesses just like me. Oh, and where is the screaming about anti-trust?
I am certain we are in a recession and I am equally certain that we are at the cusp of a DEPression if the next 6 to 12 months are handled badly. After the last month, I have no hope that we can avoid it. Bailout or no bailout, the economy has to lose about 5-6 trillion in asset values. No matter how it happens, that is going to hurt everyone - frankly, I'd appreciate the idiots in Congress and on Wall Street to feel it just as bad as the rest of us.