The Free Press, Mankato, MN

Editorials

Related Photos

September 29, 2008

Our View: Bailout has little Main Street support

As lawmakers from both parties and President Bush push for passage of a Wall Street bailout they say is needed to prevent economic calamity, we wonder whose economic security they are worried about.

Will it be the titans of Wall Street or the deep pockets who have capital threatened by this roller coaster ride ... or is it really the family hoping their kids’ college fund still has enough value to pay for the first year or two?

Because much of the emphasis has been on how these large brokerages, banks and insurance companies will fail, it appears the concern is with executives and managers or even employees at those firms whose income is far above the country’s average.

There were rumblings on how this will trickle down to Main Street, but very few examples of small towns collapsing. That’s because most small town businesses aren’t financed by Lehman Bros. They’ve been financed by small community bankers, who’ve always been careful about who they loan money to.

The rejection Monday by the House on the bailout suggests representatives are hearing from Main Street and Main Street isn't going for the bait.

Skepticism of this plan has been rising, in part, to this idea that it really does bail out people who are not really terribly connected to Main Street. Problem is, Main Street has been hammered in numerous ways for years. Wages don’t keep up with inflation, current leaders have presided over the worst job market in decades, and infrastructure, schools and medicine can’t be funded because hedge fund managers need their tax loophole to create all these jobs that don’t exist.

Of course, no politician wants to take a chance on the Main Street calamity that is predicted, so most are jumping on board with shallow pronouncements like Speaker Nancy Pelosi’s that “the party’s over.” Well, if the party is over, where has Pelosi been for the last two years while the party was going on? The same goes for Republicans who also decry the greed on Wall Street as they oversaw these virtual gambling halls with a wink and a nod.

Polls seem to be suggesting many average Americans not only oppose the bailout deal, they’re angry about it. They rightfully are seeking some accountability — who’s responsible for this mess and what are the consequences?

And because they see so little accountability, they wonder what else is being protected that isn’t so evident. Will the bailout protect Wall Street now but hurt Main Street later?

We are told not only that our financial predicament is the worst since the Great Depression but that remedies are monumental and even risky. But risky for who — Main Street or Wall Street?

To date, the Washington elite have been talking with and about the Wall Street elite and Main Street is still waiting for its answers.

Text Only | Photo Reprints
Editorials