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People on Main Street want their bail-out

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People on Main Street want their bail-out


The bail-out of banks may have boosted the markets in Europe and on Wall Street, but people on Main Street are asking what urgent help is on the way for them.

People are spending less in many countries, with increasing talk of a recession, and property values are falling. In the UK house prices are at a 30-year-low.

British hairdresser Mark Coray said: “People are cautious, people are thinking “OK I need my hair colouring, however, I can make it stretch another 2 weeks, I can actually send my daughter to dance classes and make my colour last rather than have both of them because we have to cut down in the household.”

Small businesses are also discovering that banks are not so keen to give out loans at the moment, and there is no sign of that changing overnight.

UK restaurant owner Lillo Smeraglia said: “I went to borrow the money, I went to my mortgage advisor to try to get the money and all the banks have basically said no to me. They’re just not interested in lending me any money. They don’t care if I’ve got a couple of properties. I like to thinkk I’ve got a bit of money behind me and they just basically say no to me and that’s it.”

Experts say mortgages may be easier to find, though, saying the banking sector bailout is supposed to free-up lending to home owners.

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