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News18 » Videos » News18 Shorts

US economic crisis: Wall Street first, main stream waits

Oct 20, 2008 04:01 PM IST Business Business
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Norwalk: There’s another Wall Street that is just 50 miles from the famous Wall Street that everyone knows. This one is in downtown Norwalk, in one Connecticut town. Many say it's where Wall Street collides with Main Street. But this mythical intersection is more than just a symbol. It's an actual street corner. The economic crisis has trickled down to this Wall Street too. You could meet a former dental office manager, Gerry Giannino who has been unemployed for the past one year. Gerry says that she has been forced to drastically change her spending habits. “I can't spend four dollars! I love you but I can't spend four dollars not when I'm worried about paying the electric bill and the groceries," said Gerry. Ironically, one can see Gerry brainstorming job prospects in a coffee shop called ‘Fat Cat Joe’. This mother of two believes the real fat cats are getting Federal help while main street America is still suffering. "It’s going to take a long time for all of these bailouts to trickle down to common Main Street. And I think people are underestimating how long it's going to take to straighten this situation out," said Gerry. Everyone in this symbolic street is familiar with the financial crisis and the sea-sawing stock market. Small businesses are wondering if the turmoil will hit them next. But for people like Gerry Giannino find their spirit percolating like the coffee before her. She imagines the end is near. "I'm just hoping for a miracle,” laughed Gerry whose thinks that a job would be just that.