Storm's Edge
I made this post in JUNE of this year. I've been saying similar things for at least four years now.
Today, I think the first edge of the storm has come.
The first attempt at a bill to "bail out" the failing banks and credit industry has failed to pass the House. Some are blaming a partisan speech, others are blaming the bill itself. Others are too confused to know who to blame yet.
The DOW is, as I write, falling like a body off a Wall St skyscraper (a fantastic urban legend btw.) because no one knows what is going to happen. It currently shows as -627 or -5.6% for the day.
The biggest scare is what happens if there are no institutions willing or able to extend credit to those who need it. If credit dries up, many sectors of the economy will shut down entirely. Paper, shipping, produce, and many other large sectors of the economy operate completely off credit.
And here in the south, things are worse than anywhere. Gas pumps are still running dry in many areas. When you can find it, its over the national average by several cents, and you can expect to wait an hour to two hours for it. Some areas are out totally.
And this is only the leading edge. Trust me.
Labels: call to all readers, economy, gas, storm





