Hysteria is uniform; is the financial crisis?

Friday, November 14th, 2008

I know that we’re all affected. At a customer meeting this week, the president of a large financial firm commented that his 401k has devolved into a 201k. Clever and accurate for many of us.

I visited 2 shopping malls in my area over the past 2 weeks where parking spots were difficult to locate. Clearly individual spending has frozen and I have this notion that the economic impact of the mortgage-induced crisis is not as uniformly spread has we may be led to believe. Meaning to me that the way back will be a climb, but not one requiring lots of oxygen bottles. America and Americans must modify many of our business and personal management habits – get back into fighting shape sort of program – and we should not abandon in self-pity who we are and what we’re capable of. I guess that I am confessing that after a one year hiatus, I resumed my 401k contributions this month. After the 500 point bounce yesterday, my portfolio may now be a 250k.

Let’s not waste time and energy bailing-out institutions and individuals who have foolishly wasted their opportunities to prosper in our country and its economic system.