State of the Economy: It Ain't Necessarily So

My last entry discussed the state of the radio broadcast business and my recent escape from the downturn in that industry. The economy may not be as bad as everyone makes out but it seems the media have nothing better to do than harp on it ad nauseum. The presidential campaign occupied the press so deeply and so long, over 18 months, there's a huge void to fill. And filling it, they are, with gloom and doom and little to look forward to. Congress isn't helping. The $750 billion dollar bailout may be just the beginning of more economic woes, most of which will be heaped on the little guys: you and me.

I work with people in business on a daily basis. Northern New England is a cautious region when it comes to spending money. I don't think we are anywhere near as vulnerable as other parts of the country but we are subject to the same network and cable network naysayers who raise their ratings and the rates with negativity. Pointing this out to my clients doesn't hold much water when every Tom, Dick, Cramer and O'Reilly won't shut up about how terrible things are.

If we have to tighten our belts, how bad is that? Perhaps we can all step back and take a break and wait for the tide to turn. I just wish Congress would step in and help the average person...yes, Joe Six Pack, you, me, instead of rewarding these guys who mismanage their companies then come crying to Washington for a handout.

AIG Spa Retreat Meals More Than Twice Median HH Income of Maryland

Can I go just a little bit crazy here? I mean, what the f#!*# Is Congress insane? Do they think we're all idiots??? This AIG "retreat" just happened and now Congress is talking about more bailout money for these slime balls?

I don't know the economic ins and outs of the financial free fall we're in but it doesn't take a genius to know that this entire approach is wrong. In fact, I believe it's the so-called "financial geniuses" who helped get us into this mess. And who is paying the price? The average American taxpayer: you and me.

Where is the accountability? Why are these people allowed to get away with this? What the hell is Congress doing? Just taking lobbyist money to do the banking & insurance industry bidding? It sure seems that way. My perception is these are criminal acts committed against shareholders, the banking and insurance industries and most of all, the American public. Obviously this extends beyond our shores. Foreign banks have halted trading and cut interest rates but are sliding almost as precipitously as the Dow.

We are in deep and nobody knows what to do. I am sure there are reasonable approaches to this that don't include infusions of cash to the misbegotten. How about that idea that went around the Internet after the $700 billion was first bandied about: divide it among the population of America so each family receives a huge amt (I forget how much but enough to pay off a mortgage or credit cards or whatever) with stipulations to pay down debt. It certainly would stimulate the economy.

Nobody wants to use the "d" word except the pundits who want to stir things up. But, I'm wondering if we're not close to complete collapse. They won't say so, but when you see the brokers interviewed on CNBC, you see the desperation in their eyes and the fear this is so.

So now what?