Nothing to Fear But Fear Itself (10-20-08)
The economy has a lot of people scared right now. The national media is all about bad news and that has scared some people to stop spending and to hang on to what they have.
In his first inaugural address, President Franklin Roosevelt took on an unusually solemn tone. And for good reason-by 1933 the depression had reached its depth. It is from that address concerning the economy that he said, "Let me assert my firm belief that the only thing we have to fear is fear itself."
His words ring true today except our circumstances are far, far better today than 1933. Our 401Ks and stocks are typically long term investments. They'll bounce back and then some. History has proven this time and again.
94% of us are employed. We're still taking home paychecks, we're still buying necessities, and with the price of gas down by more than a dollar and a quarter we have even more discretionary money than we had just last summer.
I would just say, if you need a new car, buy a new car. If you need a new home, this is a great time to buy a new home. With bargains galore in the stores, it's a great time to go Christmas shopping.
Let's keep living our lives. Should we remain alert? You bet. But it serves none of us to be paralyzed by fear.
I'm Bill Lamb, and that's my...Point of View.