Wall Street vs. Main Street
The economy lost 80,000 jobs and the stock market barely went down. To me this signifies the disconnect between Wall Street and Main Street, the rest of the country. It’s fairly typical that bad news for middle America is good news for Wall Street, but with everybody concerned about the financial turmoil on Wall Street and the potential recession for the whole country, that attitude is particularly poignant. Wall Street is happy that jobs are being outsourced to China and India because it reduces labor costs. Detroit and the rest of the rust belt is already suffering from this Wall Street attitude, but the pain is spreading to the rest of the country outside of the playgrounds for the rich, like Manhattan, Beverly Hills and Aspen. Meanwhile, the fat cats on Wall Street, who got us into this mess, just got bailed out to the tune of $30 billion or more, while the average Joe, who has just been minding his own business, will get a tax rebate of $600 or so.