Money-Money-Money
Almost everyone is focused on the financial crises that has swept the world markets. Many are currently wishing that the global market was not quite so global. The panic in markets around the world is a pandemic that the experts did not express as to being part of the global market that was supposedly the road to a richer life for us all.
The experts that did not see this coming six months ago are now almost unanimous in their gloomy predictions for the next year or two or three or forever. The same guys that told us gas was going to $5.00 a gallon and oil to $200 a barrel are now spreading fears of deflation and the need to lower our standard of living to survive. I never thought much about Ben Bernanke Chairman of the Federal Reserve till the last month but I think that things might improve if he looked up the works of the late Norman Vincent Peale concerning ” the Power of Positive Thinking”. After one of Bernanke’s presentations I feel like I have just watched an old Rod Serling “Twilight Zone” TV horror show, which when I was a kid, made me crawl behind the couch and peek around the corner afraid of what I would see and hear next.
He and Treasury Secretary Henry Paulson could team up to do a pilot for a new version of this old show. They would have us all hiding behind the couch afraid to peek out to see what new financial terror they had in store for us.
As always, it is the American people, not politicians that will lead the way out of this mess. Unfortunately many folks will be hurt but most of us will survive with a new understanding of the value of saving a bit, curtailing our spending and realistically living closer to our means. Holding the political types to a commitment towards acting with transparency when our money is involved is a key element in moving forward.
There have been 19 Bear markets since 1929 and we have survived them all as a nation. I hope that our current generation has the “stuff” of previous generations. I suspect we will once again find our way. It will take some time, but we will find the path .
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Great way to start Bucksays! I’m looking forward to reading the next post.