Main Street America: No Trust, No Faith

So the House of Representatives voted down the Wall Street Bailout Bill yesterday. Was this a total surprise? Not to me.

Why did this bill fail? Representatives received thousands of phone calls and e-mails from their constituents (Main Street Americans) who basically told them, "Hell no." Many Representatives could not vote for this especially if they were up for re-election in November.

Why did their constituents say "Hell no" to this bill? President Bush could not sell the bailout concept to the American people. House and Senate leaders could not sell the bill to the American people or their fellow lawmakers. Financial advisers and analysts could not persuade the American people that it is needed. Main Street Americans have no trust in the wheels of government and have lost faith in the process.

Who is to blame for this lack of trust and faith by the American people? This is the most difficult question to answer. Simply put. there's a lot of blame to go around. Visceral partisan politics is certainly one reason. Washington has the appearance of helping only the wealthy and the greedy over recent years. But I would say as of late, the main problem is President Bush. His economic policy mistakes and foreign policy blunders have left a bad taste in the mouth of the electorate. He can not sell the American people on anything that appears to come from his administration. He can not even sell members of his own party who are suppose to respect and follow his "leadership." President Bush is beyond the label of "lame duck." He is the "damned duck."

How will a bailout bill get passed? I think one will be passed the second time around. I think many representatives wanted to make a loud statement the first time and then they'll pass a modified version at the next opportunity. But I don't think the American people will get behind this bill unless something happens that directly affects them or their family (like one of their banks folding or they get turned down while attempting to purchase a car or refinance a loan). This crisis has not truly been felt yet by the average American who does not have great quantities of stock (or any at all). Right now, most Main Street Americans still feel that the problem is not theirs and they don't want to help people that they see as greedy and unworthy of assistance.

If the financial analysts are correct, the major hurt is right around the corner. I hope this crisis can be resolved so that: a) Markets are stabilized; b) the American people's money, if lent, will be returned; and c) Wall Street is held accountable if any wrong doing has occurred. But like most Main Street Americans, I don't trust any of "them" and I have little faith that even these three concerns will be adequately covered. And God help whoever assumes the office of the Presidency come next January.