I'm not often in agreement with Alan Greenspan, but one thing he said today made perfect sense: Look at history.
All right, he didn't say so in so many words, but he said in many more what we all should know. His message? Calm down! Markets go up and go down. Economies do well, then not so well. But as he pointed out, we have been there, we have done that, and we're doing it again.
Sometimes, we get so hot and bothered about a hot day in the markets, or a hot week, or month, or year, or years… and think, "It's different this time."
My theory is… different crisis, same theme. The markets survived much in the past. They will survive much again in the future. Think back to the banking scandals of the 1920s, the portfolio insurance of the 1980s, the heady excesses of the 1990s.
It isn't easy going through stuff like this, but it doesn't mean we can't overcome it. I've said it before, I'll say it again: we are stronger than the sum of our fears.
Leave it to a usually dour, often unemotional fed chairman to remind us that we're better than we think we are, and much more than the markets might say we are.
What do you think? Send your comments to: firstname.lastname@example.org. And watch Neil Cavuto's Common Sense weekdays at 4 p.m. ET on Your World w/Cavuto.
Neil Cavuto serves as senior vice president, anchor and managing editor for both FOX News Channel (FNC) and FOX Business Network (FBN). He is anchor of FNC's Your World with Cavuto - the number one rated cable news program for the 4 p.m. timeslot - as well as the FNC Saturday show Cavuto on Business. He also hosts Cavuto on FBN weeknights at 8 p.m. In addition to anchoring daily programs and breaking news specials on FNC and FBN, Cavuto oversees business news content for both networks and FNC's weekend business shows, including Bulls & Bears, Forbes on Fox, and Cashin' In. Click here for more on Neil Cavuto.