Considering that our bank, Wachovia, has already been squashed and consumed, our worries about this troubling economy have evolved.
Stocks fell 777 points within hours of the House failing to pass the bailout bill. Only want-to-be governor Gresham Barrett opposed the bailout from the South Carolina delegation.
While the opposition can feel comfortable that it opposed this thing when it was popular to oppose it, we’ve got a feeling voters could jump sides and take their alligences with them.
The problem is, when this all first started going down, it didn’t look like a crisis for most Americans. I guess for many, it still doesn’t. Big companies have been hurting and falling, but 401K statements haven’t been affected and people who pay their mortgage and their credit cards on time can still get credit.
But, every day, it just seems to get worse. WaMu was the first shoe and Wachovia was the second. The next bank to fall is going to symbolize the trousers and you can take the metopher whatever way you want from there. When your bank falls, this crap starts hitting home and you start thinking, “There is a problem. It does need to be fixed.” It’s only going to get worse as people only half-interested in their 401K get the really bad news. Then they might just get mad and bitter and wish someone would have had the good sense to fix this. Even things entirely (or mostly) unrelated, like the pictures of gas lines and the news that the state is looking at another 4 percent budget cut, just add to the gloom and doom.
This could very well be a proud day for those maverick congressmen who turned back the bailout. It could also be their noose.