I have heard a number of people on the radio start saying there really is no credit crisis. While I agree that we are not at a Great Depression, there is a serious problem that is damaging our economy. Yet I sometimes get the feeling that if we are not in Great Depression territory than we are not in trouble.
Now reports are coming out that cities, states and other local governments have been effectively shut out of the bond markets for the last two weeks, raising the cost of day-to-day operations, threatening longer-term projects and dampening a broad source of jobs and stability at a time when other parts of the economy are weakening.
THIS does affect Main Street, and will be felt by everyone.