Tuesday, September 30, 2008

You'll Be Okay!

Are you at risk?
Will you be okay?
I don't know if it will be this week, but you will be okay.
Many Americans are seeing first hand how ugly things can get in Washington. It's a sad truth.
Most of our elected officials have absolutely no background in economics, finance or business. They can tell you what you'd like to hear about law, but their knowledge on the economy is lacking to say the least.
I imagine CPAs and bankers across this country are shaking their heads when thinking about the attempts to educate the U.S. Congress on our economic problems.
That scares me more than anything. It's like someone coming to me and explaining how to do surgery and then pointing to the patient and saying, "You need to get in there and save this guy."
Many Americans know this and realize that when you put billions in the hands of the government, you can kiss it goodbye. That's why phones in Washington have been ringing off the hook with people voicing their concerns.
Of course Congress must act and they must act very soon. But, they must do what is best for you and I, not Wall Street. And we certainly don't need a bill which can be construed as Socialism.
Can you imagine the other troubled sectors in our economy running to Washington with their hand out?
"Here you go housing market."
"Hey airlines ... need some cash?"
"American auto makers - come on down!"
That's the last thing we need.
Like usual, the warning signs were there. Economists have been saying it for years, but it fell on deaf ears. Why? Again, because our elected officials lack economic knowledge.
How many times in the past week have you heard the word bipartisanship or partisanship?
More than ever, we need our elected officials to forget what party they belong to and listen to experts.
Bottom line: we need the best bill possible and we need it soon. And if you need to email our elected officials, tell them no pork, no golden parachutes for failed companies and keep the socialist rhetoric to a minimum.
By the way, if you are someone with some cash under your mattress, you might want to consider investing. It's looking more and more like a buyer's market in most sectors.

Copyright Christopher Blackburn 2008

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