Yes, I am bullish on our economy! That doesn’t mean that I think it is good or that it is going to improve any time soon. But I am a believer in free markets and still believe we have the best thing going in the USA!!!
Dose of Reality:
We are at the beginning of the worst financial crisis since the Great Depression. when there was just one bubble a while back, the Tech Bubble, the economy in total was not sent into turmoil and pushed through a recovery. This time, there are multiple major crises compounding each other so the pain is likely to be more widespread and the recovery won’t be so speedy.
Housing crisis, subprime crisis, credit crisis….actually the worst of the bunch is probably the Crisis Crisis! We’ve got too many crises! And it is getting popular to drum up support for the current crisis, whichever one is selling the most newspapers.
Some Good News Please:
There are many things that are positive in the midst of all these corrections. Yes, for a minute, I’m going to reduce all Big C words down to corrections. Economies depend on periodic corrections for long-term growth.
Just a couple of items that leap to mind – oil is down more than 50% in just a few weeks, housing sales are showing month-to-month and year-to-year increases in many areas, and the LIBOR has dropped back to only slightly inflated levels.
Confidence is Critical:
One of the most important issues facing the US and World economy is confidence. As governments work to survive the corrections in credit markets, confidence is gaining among individuals, banks, countries. The trend in confidence is the one to watch, especially our own confidence right here in the US.
Capitalism is not dead! We’re still a world leader, and we need to get our house in order and our confidence back up!
The solutions start at home. Literally. At your house, at my house. It is time to look inward and review our own individual financial plans. We are each responsible for our own financial future, for spending less than we make, saving for retirement, planning for the future, drafting our own blueprint for success…our own Wealth Print. It is going to be a long road to recovery and we better get started.
Yes, I’m bullish on the US Economy because I’m bullish on individuals in the US!
