Well said, RedTiger. We have been through financial hard times in the past and we'll go through them again in the future. The sky isn't actually falling. These are all man-made crises which can be fixed.
"Men who had never shown any ability to make or increase fortunes for themselves abounded in brilliant plans for creating and increasing wealth for the country at large." Fiat Money Inflation in France, Andrew Dickson White (1912)
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Chicken Little, in various incarnations, has been singing that song for most of my adult life. The list of economic events is long. Each time, the Chicken panics and tells everyone that the sky is falling. Going way back to the Japanese trade imbalance, to NAFTA, to the huge Federal deficits during the Reagan years, to more recent events such as Enron, or hedge funds going belly up, or the quagmire in Iraq and $100 oil, or peak oil, every significant economic event, brings out the Chicken. So far the Chicken has been wrong every time, sectors of the economy have been hit, however, the overall economy still chugs along with normal fits and starts.
This is very true. In fact, if less people believed the Chicken, even those sectors of the economy would not be as impacted. Recessions become self-fulfilling prophecies as consumers slow spending and investment because the press says "the economy is so bad". Work, save, stay out of debt and just say no to the Chicken.
The far west and northeast (except for upstate New York) has not yet entered into a recession.
I live in Upstate NY, and we are not in a recession. I would describe it as a perpetually slow economy. Our growth has been slow for decades due to high taxation, over-regulation, and entrenched unions and state gov't. Let that be a lesson to those of you fortunate enough to live in more forward-thinking parts of the country.
if you did not live through the great depression it must have never happened. it was so long ago. we humans have become better people and greed has been eradicated from the earth.
i for one welcome our new improved and caring brethren in power who will make sure our economy stays fit and trim.
Comments
What Bear said.
Please let me know when Copper goes to $2.75.
Great spirits have always encountered violent opposition from mediocre minds.-Albert Einstein
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
This is very true. In fact, if less people believed the Chicken, even those sectors of the economy would not be as impacted. Recessions become self-fulfilling prophecies as consumers slow spending and investment because the press says "the economy is so bad". Work, save, stay out of debt and just say no to the Chicken.
I live in Upstate NY, and we are not in a recession. I would describe it as a perpetually slow economy. Our growth has been slow for decades due to high taxation, over-regulation, and entrenched unions and state gov't. Let that be a lesson to those of you fortunate enough to live in more forward-thinking parts of the country.
happened. it was so long ago. we humans have become better
people and greed has been eradicated from the earth.
i for one welcome our new improved and caring brethren in power
who will make sure our economy stays fit and trim.