Are you freaked out yet? Truthfully there has been a little fear swimming around in the back of my mind. For mostly no reason other than no matter where you turn there is increasingly bad news, stupid news, about the economy. If you swallow everything the Talking Heads are trying to sell verbatim then I'm sure you're stocking up on duct tape and Visqueen.
Not wanting to get into a tailspin of worry and fright I have found the best source of calm to be the bank. I use two banks and have been to both in the last five days to make deposits.
One in particular, a commercial bank, is nothing but calm and relaxed. I keep looking for signs of panic but have seen none. Either everyone is eating the right brownies or they really aren't worried to the point of over turning desks, starting small fires with shredded paper, and hoarding the candy jars. In fact I get the sense that they would love nothing other than to see the troubled institutions collapse so they can point and say, "Ha, ha, subprime is for suckwads". Of course these folks are far from the boardroom but their sense of calm has certainly been a nice oasis from the world-ending panic that has become pervasive across anything that can broadcast a signal or hold ink.
This morning Ryan sent me a link to a post Seth Godin wrote a few days ago that puts current events in a completely different frame of mind.
Inc. magazine reports that a huge percentage of companies in this year's Inc. 500 were founded within months of 9/11. Talk about uncertain times.
But uncertain times, frozen liquidity, political change and poor astrological forecasts (not to mention chicken entrails) all lead to less competition, more available talent and a do-or-die attitude that causes real change to happen.
If I wasn't already running my own business, today is the day I'd start one.
I think this morning I'm going to relax a bit and take the road less traveled by. It takes ten minutes longer to get to work but the path runs right through the Laguna Canyon and some of the prettiest country in Southern California. And then I'm going to sit down at my desk and revise plans for taking over the Interactive world.
Join the fray by reading through and commenting at the end.
You'll some some competition in your quest!
Like you, I'm a bit nervous, but Blue Flavor's been doing well lately and our clients seem fairly relaxed so it's kind of hard to see how all of this is going to effect us. I'm sure it'll have some effect, but my hope and feeling is that it won't be as bad as we might think it is and we'll be able to rise to the occasion, as we have so many times this year, and deal with it.
Of course, I'm wishing you guys all the best and, I right there with you as far as relaxing. We're all going to be fine!
I think it also helps to not listen to the talking heads. I'm not suggesting you stick your head in the sand and wait till it's over. Just know which sources don't cause worry, but can still inform.
I avoid TV news all together; it is too much of a time sink with too low of a signal to noise ratio. I have been enjoying To the Point (http://www.kcrw.com/news/programs/tp) for a lot of my news. They have a great daily podcast.
You ever asked a bigwig CEO how much a gallon of milk costs at the store down the street? Chances are s/he won't know. I like that bubble, and I apply the same bubble logic to my own life. I'm not worth millions, not invested in a pile of non-service firms--I've got a checking account with one bank, a savings account with another at a high APR (but since it's my omfg account, I'm not really worried about the rate at which it grows). Our politicos want to give $700B to some companies?
Whatever. :)
Relax is definitely good advice. Please just don't go for the "sticking my fingers in my ears and yelling 'la la la la' with my eyes closed" version of relaxed.
We need your cool heads in the conversation and keeping an eye on those that are running around in a panic. If we stay calm but stay uninformed and non-interactive, the panicky fear balls will set something on fire and it will burn for decades.
I'm not saying be afraid. I am saying be the wise elder with the steady hands that talks the jumpers down. Of course, I guess this post is just that—soothing talk we need to take to heart.
I refuse to start to panic over something I have little to no control of. Instead I just chose to sit back and ride this bad boy out. Things aren't so bad for me... yet. I still have a job and I'm still getting a paycheck twice a month, and I'm still coming into work every morning and doing something I enjoy.
The effects have been felt down under, yet not by me. Should that worry me?
I'm working in a company (in the UK) that deals mainly with banks, brokers etc (about 75% of the business), which should really be affected by the "crisis" and it is business as usual, really. Without the news going on and on about the economic situation, here at work we would have no ideas.
So yeah, no need to worry and panic just yet! :)
remember Chicken Little.... don't lose your head. We are all still here working away and will be tomorrow and the day after. Love and Happiness and Good Health. there is your wealth. ciao all!
Yeah. Try looking for a job in nonprofits or government in this environment. It's mega-lousy. Perhaps you should read at least the NY Times. Many people are suffering, and it's insulting to read that people should just not worry at all. It's not good to be completely freaked out, but the US's economic situation is looking bad up the road a bit, and you'd have to be an idiot to say otherwise. Of course banks will act as if it's business as usual. I doubt Wachovia started to have employees scream at you, or have computers break down, or have missing letters on business signs, etc. Their shutdown has nonetheless led to endowment funds being frozen for some 2,000 universities and foundations, which affects employment and the ability to fund short-term operations.
> Their shutdown has nonetheless led to endowment funds being frozen for some 2,000 universities and foundations, which affects employment and the ability to fund short-term operations.
These are the events that concern me the most. The stories that are not necessarily making the evening news. Even if the bailout passes it's not like the problem just goes away, it just gets shifted to someone else and no one really knows the impact but it will be felt. It's just a matter of how severe.
If we can just get through the election without imploding I think everyone will feel a bit more relaxed on November 6th.
> If we can just get through the election without imploding I think everyone will feel a bit more relaxed on November 6th.
Zackly.
Whenever I'm presented with a package I first take a look at HOW the package was wrapped then I look at WHO wrapped the package.
I know we're in for tough ride but I can't help but feel the media is doing a wonderful job of scaring the living shit out of most folks.
The most frustrating part is that if you were a fly on the wall of the boardrooms at these major financial institutions you would have probably heard something like "We can make a sh**load of money off this housing thing, and even when it all comes crashing down, we're too big to fail, so the government, those suckers, will just bail us out.
Greg, remember when we had our discussion when we were both still at CCM about why I refused to buy a house in that market?
So now, the bailout will pass and then there will be a few "fall guys" who may go to jail, but the true criminals who are way too powerful to be touched by the law will walk away laughing, just like they knew they would.
Here's a great related quote: "...the financial calamity has shown the ruinous implications of the Republican mania for deregulation and slavish devotion to totally unfettered markets."
Socialism anyone? But seriously, I've made this point before, it's never a good idea to let capitalism run completely free. You need the government involved at some level. And finally the US is experiencing what happens when you don't regulate for a number of years.
Government involvement in the market isn't evil, it can be a very positive thing. All it means is you make sure people aren't out in the market pillaging like maniacs, which is what tends to happen when you adopt right wing policies. The GOP haven't been 'conservatives' for a long, long time.
... essentially what the GOP have done is allow unfettered PIRATING of investors. Men in Expensive Suits have robbed us blind...
Well, there are certainly a few people who are effected much more, camping in one of the "richest" country in the world because they have lost their houses. Have they been too trustful? Did they believe the lies we are told every day by politicians, bankers and sales-men? Did they do so because they are simply uninformed? Maybe. Why doesn´t the media tell us the truth, just one time?
Check out this one and start upchucking: http://www.youtube.com/watch?v=vVkFb26u9g8