Photo: freemarketmyass [Flickr], at a protest against the bailout in Chicago
So. Today, the House of Representatives said no to the Mother of All Bailouts™ (with the majority of the Democrats voted for it, and the majority of Republicans voted against it). The Dow dropped like a rock, falling 777 points, making it the worst single-day point loss ever. Democrats blamed Republicans, Republicans blamed Democrats. Oh, and Citigroup gobbled up Wachovia and the Fed pumped $330 billion into the market anyway.
I went to lunch with my lovely wife and had a delicious Korean BBQ meal. I paid cash and left a generous tip to the nice waiter. Then I went back to work, and now, I'm typing up this post.
My point is this: Wall Street may be burning (and the New York economy is undoubtedly going to take a lickin') but I doubt it'll take the rest of the country down with it, despite the all doom-and-gloom we've been told. Most of the people I talked to don't have the same sense of urgency that Wall Street and the politicians have, or wanted us to have.
The economy in general has been kind of sucky - business is down (and we've made adjustments to cope with it), but that has been the way it is for a long time - well, before the hulaballoo at Wall Street.
I live within my means, own a house we can afford, pay cash for most of my purchases. We save for a rainy day. And I worked my butt off every day for all of this - I don't think the Wall Street meltdown or a Super Bailout is going to affect us all that much.
But I may be wrong. So let me ask your opinion: what do you think of the bailout failure and what it may mean to you? Are you fearful for your economic future? Is it because of the failure of the bailout or something far more fundamental?