A prolonged recession. Maybe years. Maybe worse.
Could be a depression. Maybe years. Maybe worse.
Unemployment likely hitting 10 percent, maybe worse.
The market down another 40 percent, maybe worse.
Sounds a lot like the talk now, doesn't it? It's not.
It was the talk 21 Octobers ago. After another market hit. Another market crash. Another global panic.
Something from which we weren't supposed to recover for years. But did. In months.
A disaster that was supposed to lead to a retail freeze, sort of like today's fears of a credit freeze. Only retail didn't freeze then. Within months, folks were back to buying then. Christmas was pretty good that year.
In the end, far more zoom than doom that year. Worst fears never realized that year, or the year after.
I'm not saying we're not in for tough times. Just not end-of-the-world times.
You know, I think FDR had it right when he said, “The only thing we have to fear is fear itself.” And last time I checked he was a Democrat. A Democrat who sensed our panic has a way of trumping our predicament.
Clearly, times are tough. I like to think we're tougher. And I like to think history proves, again and again, we're a lot tougher than those in the media think we'll be.
Some say I'm a bit of a Pollyanna because I see that toughness and I have that perspective. Perhaps. But perhaps that's because I don't follow the media.
I follow something else.
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