The US House of Representatives turned down a $700 billion Wall Street bailout Sept. 29. I’m glad the bailout plan didn’t pass. I didn’t think it was a good idea.
Still, there is a possibility a lot of innocent people will suffer financially if there’s no bailout.
A depression/recession won’t happen all at once, however, even if the economy is as bad as the experts say it is.
Gradually, signs will appear that people are changing their spending habits, and some of the changes are not all that bad. Here are a few of them:
• People will make their own coffee instead of buying expensive, fancy-flavored coffee from coffee shops.
• People will drink tap water instead of buying water in plastic bottles.
• Women will stop buying new wardrobes every year just because the fashion police dictate a different color is “in” or the heels on shoes must be a different height. Women will decide for themselves what is fashionable.
• Designer or signature-lines of anything sponsored by a celebrity will be ignored. Consumers will choose quality and value instead of whose name is on the label.
• More people will brown-bag their lunches instead of going out to eat at noon.
• Horse racing, horse shows, and horseback riding as an industry will end. Horses will be considered the proverbial White Elephants, expensive to feed and keep by middle-class people, but having no practical value.
• Professional sports will change once middle-class people can’t afford to attend games, and corporations stop buying luxury boxes. Salaries of players will drop to a more reasonable level. People will still attend games, but the tickets and concessions will be inexpensive enough that parents can bring their children along.
• Entertainment will change also. People will no longer pay outrageous prices for tickets for concerts, or camp overnight outside theaters and concert halls to get good seats.
• People will have to spend their time working to earn enough money to get by. They won’t be wasting time marching around with placards protesting the Plight of the Palestinians, and other causes on the other side of the world. Membership in groups like PETA will plummet.
• Immigration will slow to a trickle. There won’t be any jobs available for people who can’t speak English. Illegal immigrants will return to their own countries, where their families are, especially if the standards for welfare and other freebies tighten up.
Of course, if a depression/recession deepens, the signs will become more severe. In the beginning, though, it will become obvious that people are changing the way they spend money.