We've been watching as banks continue to hoard the bailout funds, maybe buy up some other banks, but nothing has trickled down to Main Street. Well, the Federal Reserve announced today that it's committing up to $800 billion to make it easier for Main Street folks to borrow money for cars, tuition bills and new homes. The Treasury Department is giving up very little of its Congressional bailout funds -- just $20 billion -- to the Fed's consumer lending program.

Did Congress really intend for so little to go to Main Street? I doubt it and I hope that when Henry Paulson comes begging for the second half of the bailout he's told it's not his to spend. Congress might want to wait for the new administration because many are not happy with how Paulson is spending it.

I'm glad to see the Fed is moving in a much more appropriate direction to help get Main Street back on track. The Fed intends to provide up to $200 billion to investors who plan to put the money towards consumer loans, such as credit cards, auto loans and student loans, as well as some forms of small business loans. These will be in the form of one-year loans available only for newly-issued consumer debt. These type of loans totally dried up in October and are essential to get the economy moving again.

Financial Times columnist Martin Wolf inquires, do Americans understand their financial and economic system?

Anger at Wall Street's - - and regulators' - - lapses is justified, but at the end of the day to oppose the rescue package is at once self-defeating, contradictory, self-punitive, and borders on nihilism, Wolf states. Take your pick regarding which is the most damaging.

Congressional representatives, particularly conservative Republicans, but also others, opposed the flawed rescue plan as a bailout for the rich, and as a statement against 'socialism.' Socialism? Yes, the plan is flawed, Wolf states, but the ruin that will result from rejecting the plan will destroy the legitimacy not of socialism, but of the market economy. Exactly what are the packages' opponents fighting?

The Congressmen/women also say that they are 'taking a stand for Main Street and against Wall Street.' A contradiction, Wolf writes. Wolf: Wall Street and Main Street are streets that meet. That is what streets do.

Then there is the future. What is the opponents' alternative? The loudest voice here appears to be 'let the market sort things out by itself,' under the assumption that the damage, costs, and negative consequences really won't be that bad. Wolf: This is not prudent, if the early 20th century's experiences are a guide.

MOST NOTEWORTHY: Blackboard, Ruth's Chris Steak House, Texas Roadhouse, China Digital and Main Street were today's noteworthy initiations:

• Suntrust initiated shares of Blackboard (NASDAQ:BBBB) with a Neutral rating, as they sees risk to 2008 Street estimates due to minimal margin expansion.
  
• Deutsche Bank started shares of Ruth's Chris Steak House (NASDAQ:RUTH) with a Hold rating, as they find it difficult to recommend a high-end dining chain in this economic environment.
• The firm also initiated Texas Roadhouse (NASDAQ:TXRH) with a Buy rating and $15 target, citing the company's solid balance sheet, consistent operating history and low valuation.
  
• Piper expects shares of China Digital (NYSE:STV) will move higher as investors recognize the growth potential of the conditional access card market in China. The firm started shares off with a Buy rating and $43 target.
  
• Morgan Keegan resumed coverage of Main Street (NASDAQ:MAIN) with an Outperform rating and sees fair value range $15.50 to $17.00 based on MAIN's current yield of 9.2%.

OTHER INITIATIONS:

• Societe Generale initiated Centrica PLC (CPYYY) with a Sell rating.
  
• Conceptus (NASDAQ:CPTS) was initiated with a Buy rating and $27 target at Oppenheimer.
  
• JP Morgan resumed coverage of Eastman Kodak (NASDAQ:EK) with an Underweight rating, and Infinera (INASDAQ:INFN) and Starent Networks (NASDAQ:STAR) with Overweight ratings.
  

More than ever, Wall Street cares about you. Not you personally but average folks who don't have multi-billion dollar bonuses, pay obscene rents to live in a refrigerator-box sized apartments or have to write essays to get their children admitted to nursery schools that are more selective than some universities.

Believe it or not, you with your 2.5 kids, house in the suburbs and job with your annoying boss are very much on the minds on Wall Street heading into the third quarter. Your pessimism about the economy perplexes pundits and politicians who continually argue that the economy is strong. A recent ABC News/Washington Post poll showed that 35% of Americans rate the economy as excellent or good.

So who's right, Wall Street or Main Street?

So far, it depends on the neighborhood where the consumer lives. Costco Wholesale Corp. (NASDAQ: COST), whose customers tend to be well-heeled, today reported fiscal fourth quarter results that while not great, beat Wall Street's expectations. Meanwhile, Petsmart Inc. (NASDAQ: PETM) shares are tanking after the pet supply retailer cut its third quarter and 2007 profit forecast, citing weak consumer spending. So, consumers are confident enough to buy huge bags of pet food but worried about buying regular sized bags of Alpo.

Lunch at O'Brien's Irish Restaurant & Pub: six bucks (drinks not included) -- oh my! In Santa Monica, with Wilshire Boulevard rents yet -- unbelievable!

Sarah Gilbert and I have been finding little bits of information here and there (Economic indicators coming from more unlikely places) that support the notion the slowing economy is being felt by the "little guy" first, as usual. Small business owners see it first because they have very flat enterprises. (Venice Beach as a leading economic indicator) Owner and staff and that's it. Sometimes just themselves. Employees receiving a paycheck see it early and have the least options to adjust to change, and fixed income seniors -- they're totally stressed out.

Large companies have so many levels of management that by the time the guy at the top feels the pain (assuming he ever does) of the guy at the bottom he has already collected his bonus for his underperforming company. By the time the guy at the top responds to the needs of the guy on the bottom (assuming he ever does) the guy on the bottom has already figured out what he needs to do to survive and has helped himself.

Composing this post in my head walking back from lunch I wondered about how much attention we pay to Wall Street data each day, even though that data really comes to us second-hand from everywhere else.