The American people gave Congress an earful and let them know that they did not favor a bailout. Wall Street is being a crybaby about it and doing what they can to induce the American people to panic so that they can get their bailout. I think that we will indeed experience painful economic shocks even if we do have a bailout, so I don’t see the point of a bailout. I have already urged families to prepare for the downturn that is coming while your cash still has purchasing power.
Today, I learned that the MSM, especially the medium of television, is tone deaf to the American people. Those people who phoned Congress against the bailout? TV journalists have no understanding of those ordinary folks. I guess if we don’t organize a march on Washington DC with picket signs hoisted high in the air, the reporters won’t bother to figure out why we just don’t want the bailout. The protest of the people couldn’t be caught on camera, as we sent phone calls and e-mails instead.
The TV pundits have made an assumption about us. They have determined that we are too stupid to realize that economic pain is coming. The MSM has chosen to mingle their voices with those of Wall Street. Wall Street threw a tantrum, and now the MSM has joined in. The reporters are trying to pin blame for the failure of the bailout bill on one politician or another. Blame? Should we blame them? Shouldn’t we be giving them credit for doing the right thing and listening to their constituents? Clearly, the MSM has been partial.
Wall Street is in New York City. The MSM capital is in New York City. I guess I can’t expect the MSM to figure out how the economic news is playing in Ohio.
Go ahead, MSM, ask me some questions about my feelings about the economy going sour as I sit here in Ohio. What do you want to know? Nothing? I’ll tell you anyway.
My own financial credit crisis occurred in 2003. I lost a good paying job. I’ve had a trickle of income ever since. I’ve had to make do with whatever cash I have on hand. I have no investments. I have no 401k. I had to sell my house. I had to sell my car. I still have no house. I still have no car. I live a fairly spartan lifestyle, sometimes with a bit of cash carrying over from one month to the next, sometimes not. The computer I post these blog entries on is the most expensive asset that I own, and with the quick depreciation rate among computers that are rapidly outmoded by technological advances, this computer really isn’t worth a whole lot.
But it’s 2008 now, which is 5 years after my own personal financial meltdown. I remain among the most vulnerable of Americans as our economy worsens even further. I’m still hanging in there, still surviving, still happy to be alive, still happy to see what each new dawn brings my way.
But I am outraged, nonetheless, by what’s going on with Wall Street chicanery. To Wall Street, I say, though I am of modest means, I don’t try to steal from somebody to get more. I don’t try to defraud anybody. I am not greedy. I don’t want your Wall Street $$$$ millions $$$$ redistributed to me by way of ushering in a socialist society to replace our capitalist society. If I, in my spartan surroundings, can resist scheming to make a quick buck in a dishonest way, why can’t you, in your opulent lifestyle, resist such schemes? Wall Street, you ought to be held accountable.
Now back to my observations of the mainstream media.
Today, I noticed that TV reporters appear to be well compensated. When “financial experts” appear as guests on the cable news shows, the reporters are asking questions such as “What should I do with my 401k? How much should I have in stocks? How much in commodities? How much in bonds? What should I do with my portfolio?” I begin to understand why the MSM doesn’t understand me or many of the Americans who live paycheck to paycheck or who live, like me, on a cash-only basis because my credit rating was ruined a very long time ago, and my low income precludes me from becoming credit-worthy again.
I think the MSM is taking the side of Wall Street and not the American people on this bailout issue because the reporters are realizing they have a lot that they could potentially lose. Their own lifestyle could possibly resemble mine someday. If companies large and small are cash-strapped with little access to credit, and have trouble meeting payroll, and have to cut their advertising budgets, and companies start folding, then the MSM will lose advertising revenue, their own Super Bowl ad revenue bubble will burst, and networks will have to start becoming leaner, and perhaps shedding some journalists’ jobs. Nevertheless, even should the worst befall them, there is still life after financial crisis. Life goes on. And . . . as long as we don’t cave under the pressure to convert our economic system from capitalism to socialism, we remain free.
The American people DO get it. They DO understand that an economic crisis looms. But they will brave the storm. America is, after all, “the land of the free, and the home of the brave.”
And, eventually, the marketplace will stabilize, and we’ll count our blessings.