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Some needed perspective

November 30, 2008 Leave a comment Go to comments

A friend not too long ago flew from the Philippines to the U.S. to withdraw all their money from a bank because they feared they would lose it all. Unbelievable!   Victor Hansen gives some much needed perspective on recent economic events.

Get a grip. Much of our current panic is psychological, and hyped by instantaneous electronic communications and second-by-second 24-hour news blasts. There has not been a nationwide plague that felled our workers. No earthquake has destroyed American infrastructure. The material United States before the September 2008 financial panic is largely the same as the one after. Once we tighten our belts and pay off the debts run up by Wall Street speculators and millions of borrowers who walked away from what they owed others — and we can do this in a $13 trillion annual economy — sanity will return.

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