Sep 29, 2008 10:44 pm US/Central
In The Know: Wall Street Close To Main Street
(WCCO)
Average Americans are dead-set against bailing out Wall Street and Congress acted on Monday in accordance with their wishes. Don Shelby says if nothing is done, we will find that Main Street isn't that far away from Wall Street.
Wall Street seems to mean all the fat cats with giant salaries out in New York City, and Main Street means all of the rest of us. Members of Congress were getting overwhelmed with e-mails from constituents saying, "Don't bail out the fat cats."
The problem is, a lot of folks on Main Street think those folks on Wall Street are an alien branch of the human race. They got us into this trouble. Let them get themselves out of it.
What we forget is that most of us on Main Street are inextricably tied to Wall Street -- our 401(k)s, our pensions, our home mortgages, our car and student loans.
If Wall Street is in trouble, Main Street is in trouble. I don't know if the package Congress voted down today would do the trick. But, something needs to be done. I mean if we ever want to retire, or sell a house, or borrow some dough.
The map I see shows Wall Street is just an extension of Main Street. It's just in a better neighborhood.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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