I went to Trader Joe's today during lunch-time to get lunch for the rest of the week and if you have ever been to TJ's you know that the cashiers are probably beaten into engaging customers in friendly chit-chat. Well, I took the bait today when she asked me how my day was going. I had just learned, maybe 15 minutes before, that the bail-out package failed to pass in the House. I said I was a little worried that this could get really bad. The cashier and the lady in line behind me seemed to think this was great. They were certain that things would be fine - sure things would hurt a little bit but if things were going to change this was the way to go. They were totally nonplussed about this and, again, seemed happy it failed to pass.
I didn't press it further because I am pretty sure they didn't study economics and finance in college and was thinking I should have kept my mouth SHUT, but I tend to have a problem keeping said mouth shut. But I came to the realization that people aren't very good at looking further down the road or outside of their personal situation. They hear "$10,000 per family for this bail-out" and from that point, nothing else really gets through.
Now, I can't say I am happy about having to bail-out Wall Street. In fact, as a Democrat it probably burns me up MORE since I DON'T favor deregulation of the financial system. If there was more oversight, this problem might be smaller, or even non-existent. But, I have to say, I think we need to do something. Those two ladies at TJ's probably have no idea that the credit markets are frozen. Nevermind the stock market--businesses can't get loans! In a down-turn, getting loans to keep your business running is essential! Some business even use short-term loans to make payroll. What is a business going to do if they can't pay their employees? Um. LAY THEM OFF. More jobs lost. People will buy fewer things, causing a chain reason of EVEN MORE JOBS LOST. Explaining that in the Trader Joe's checkout line seemed pointless.
I don't know, folks. I don't want to be all Doom and Gloom on you but I'm starting to get worried.