Economy FAIL: Up Close and Personal
Greetings from the ATL.
It’s been a heck of week here, and we may not have hit bottom yet.
First metro Atlanta is one of number areas in the southeast that are out of gasoline. Yep, that’s right, in the early 21st century America cannot maintain its infrastructure so as to guarantee a minimum flow of gasoline. Some of the stations near us have not had gas in 10 days. When gas does appear, so do long lines and the price has crept up to nearly $4.50 a gallon. Secondary effects like the closure of convenience stores and delays in delivers of food and other goods are starting to occur. There is no real relief in sight. Our “leaders” tell us that we should just remain calm and regular supplies will be available in 7 – 14 days. That is the same thing they’ve been saying since the first shortages popped up 10 days ago. Georgia’s beloved governor declared there was no crisis and left his morning for a 7 day trip to Europe. I like to go to Europe, but don’t have enough gas to get to the airport.
Next, our car dealer shutdown just hours after we retrieved the minivan (using the last of its gas) which was in for repairs. Bill Heard Chevy, with over a dozen dealerships across the country abruptly shutdown on Wednesday. We took the van on Monday for engine repairs. On Tuesday I was told first that parts were needed and the van wouldn’t be ready until Thursday. Later in the day on Tuesday I got word that the repairs weren’t as extensive as first thought and the van was ready for pick up. We decided to wait until Wednesday morning to pick it up. We got the dealer about 11:00 AM on Thursday. It was very quiet and most of the employees were roaming around the lot. We paid the tab, and drove off. Later that evening we learned that the dealership closed that afternoon, locking in any customer vehicles on the lot as well as the inventory. Seems like we just made it.
Then this morning comes word that we’re participating the largest bank failure in US history. Yep, we bank with Washington Mutual, which was seized by the Federal government late last night and sold to JPMorgan Chase. Chase purchased WaMu’s banking operations for 1.9 billion dollars, a veritable bargain. So our money (what there is, anyway) is safe I guess, but now we bank with JPMorgan Chase. Of course I saw it coming, but since our holdings were insured by the FDIC, I figured I could ride it out.
As far as I’m concerned this is enough for me. I want a LOT of government intervention here because it is really apparent that corporations and markets are not going to be able to solve this one, it is just too big. Of course I’m pretty sure that Washington does not have a real clue though the 700 billion dollar plan is better than nothing. They just need to do something.
Well, we’ll see shortly when the markets open and Bush addresses the nation at 9:35 AM.
1 Comment
What exactly has happened in this country? It is a foregone conclusion that our so-called “leaders” are completely clueless; and it goes right to the top. But, why did this happen? You’re right they do need to do something….RESIGN!