Bailout Buggered

The U.S. House of Representatives has defeated the controversial $700B bailout bill. At the last minute, the vote was politicized (Pelosi's closing speech before the vote), skewering the outcome of the vote.

Whether that bill's defeat was for better or for worse, what is now before us is what we are going to have to endure. In terms of being prepared for consequences, expect some extreme polarization going forward in D.C., so effective solutions are going to be a long shot coming out of our federal government. Of course, that won't stop them from continuing to roil the waters.

In the business and financial world, expect sudden seizing-up of the wheels of commerce. At the very least, we may soon see all available credit dry up.

On Main Street, look for increasing hardships to touch all of our lives. Yes, we were going to be impacted one way or the other, but it is clear that the sheer precipice of the fall is upon us and we will be going over the edge together in short order.

An immediate concern for all now is how we react as a people. I believe that is key. Panic is a possibility. Runs on banks and/or on food, supplies, and fuel are what many are thinking today.

Will it happen? I won't speculate on that.

But this is one reason why many of us have chosen to prepare ahead of time, in case of widespread crisis. Today very likely qualifies as an initial milestone in a genuine national (and indeed global) crisis.
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