What about Elm Street?

All we hear about now is Wall Street and Main Street and the impact of the economy and the bailout on these two now all important streets of America. I don't know about you, but in the small and big towns that I know, not that many people live on a Main Street. Main Street is usually downtown and has more businesses on it than homes. I'm not being precise, but you get the gist. What I want to talk about is Elm Street and the nightmare that is about to hit there. That's where people live. The ordinary American that both candidates are trying to reach. The nightmare coming to Elm Street will be when the credit markets contract to the level when someone won't be able to obtain a new credit card, their current credit card limit gets cut in half (imagine trying to buy a $3000 couch when your credit card limit is at $2500 or $2000), your interest rate on credit card debt doubles or beyond. There is a scary wind that is beginning to blow down Elm Street. I can hear the creaking of the wooden siding and the slamming back and forth of the shutters. If the Congress doesn't Bailout, Rescue, or whatever you want to call it, in this next vote (thank you Senators for being more level-headed tonight), then those who live on Elm Street, who work on Main Street and invest through Wall Street, should set their vote in place now for the next congressional election with the spirit of cleaning house and out with the old and in with the new. We can't have any more of this lack of putting the country ahead of their own political agendas. We didn't send you there for that. We sent you there to lead and represent those who fear and want to avoid the nightmare that is being conjured. Please remember that it is Elm Street that votes for you to go back to Washington or to stay home next time!

Only in New York City - The Big (but shrinking?) Apple

I happen to be in New York City this week. It is not particulary hot here for September but there is a meltdown happening. 10%+ lost in the market in the last two days. It's not good. It is worse here than elsewhere being that the financial industry represents 5% of all employment in the city but 25% of all NYC payroll. That's a big number and this week's problems will have some real ramifications here in the city. But, only in NYC do you hear stories like this: When I am here on business and don't have dinners planned (which I don't like to do anyway), I like to find a local sports bar/pub, saddle up to the bar with my laptop, watch the local sports (Yankees losing this time of year) and catch up on email, etc. Tonight I was in a restaurant on 50th Street and while sitting here I overhear two guys who work in the financial industry. One of the guys was talking about what a terrible week he has had already. He stated that it started on Saturday with Ohio State being beat, then the Cleveland Browns got beat, then they broke in on TV and said that Lehman Brothers had filed for bankruptcy and then Monday through Wednesday market downturn. It was not a good week for this fellow. He then went on to say that the only good thing that happened to him this week was that his Ferrari won a gold medal in some car show in New Jersey on Sunday. What's wrong with this picture? It only happens in New York City.