An attempt to bail out the mortgage industry has failed again. It was unpopular. To many Americans, it looked like an attempt to bail out millionaires. But it was an attempt to avert potentially the worst economic crisis since the great depression. That crisis now looks inevitable.
Here is what we are now in for. It is now likely that so many of us will soon be out of work as employment is always the last indicator. Companies usually dismiss workers as a last resort. Those of us that still have jobs in six month will be the lucky ones. I foresee double-digit unemployment in the near future. This means that one person out of every 10 or more will loose their job because of this failed bail-out package. Probably in January or February, at the worst possible time, when it is cold and there people can not pay their heating bills will people really get angry. By then, it will take a trillion to fix things.
It is too bad that people do not see how Wall Street impacts Main Street. It is better to take care of problems when they are small then to let them get too big. But it is too late now.
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