Bailout eller ej: Krisen kradser i Middle America

Det er endnu for tidligt at sige, om Bushs kriseplan går igennem.

Men hvordan er effekten af boblen krisen og ophedningen i Main Street, det Middle America, alle politikerne bejler til og alle er klar til at røvrende, så snart det får chancen? Hvad siger manden på gaden i Chattanooga, Tennessee, eller Beaver Falls, Pennsylvania?

Tjah. I dagens Guardian rapporter Paul Harris fra Yonkers, New York:

Yonkers residents are preparing grimly for hard times ahead. The effects of the credit crunch, the failed bail-out plan and the seemingly endless news about collapsing banks, has people on Yonkers’ Main Street deeply fearful for the future.

“I am really, really worried,” said Ellen Mittman, a retiree. She feared for her credit cards and her savings and was already cutting back on her spending. “I have been stopping doing things. I don’t go out to dinner anymore. I don’t spend any more money on buying clothes. I am cutting back. Everyone is cutting back,” she said. “They have to pass something. I know they have to. But I blame Bush. I blame the deregulation. All they cared about was the fat cats.”

With the cable news channels blaring out doom and gloom and newspaper headlines detailing the latest predictions of collapse, many ordinary Americans are simply tightening their belts. That might be a prudent step, but it will hurt small businesses as consumer spending falls. Those businesses will need even more credit to survive. Yet with bank lending virtually frozen, that credit will be much harder to find. Businesses will start to close, jobs will be lost and consumer spending will tighten further. The cycle will begin again.

Link: ‘I blame Bush … all they cared about was the fat cats’

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