|
 |
|
|
|
|
|
|
Koehn Offers "Minute of Sanity" To Quell Economic Anxiety
10/14/2008
Dr. Daryl Koehn, director of Center for Business Ethics, offers words of advice, reassurance and a different perspective about the recent economic downturn, and asks people to join her at noon on Thursday, Oct. 16 for a “Minute of Sanity.” Tune in to hear Koehn share her advice on KTRH 740 AM on Thursday morning.
By Dr. Daryl Koehn
Director, Center for Business Ethics
 Right now people are panicking but we need to get a grip and remind ourselves of these five reasons why things are simply not that bad.
1. Our situation is not like that of the Great Depression. Back then, banks lent people money to speculate in stocks. When the stocks crashed, people had nothing to show for their “investments” and could not repay their loans. Now people have real assets. They spent money for homes, and these homes still exist. The government and market will find a way to price these assets and many people will be able to renegotiate and keep their homes. So let’s take a deep breath and keep things in perspective.
2. The market is down now, but it’s been down before and has bounced back up. In fact, many basic industries are doing just fine. IBM posted a profit this past week; other industries have done so as well. Yes, some industries are suffering but in every decade there are shakeouts. New businesses are created; old businesses go away. That’s the way of the world and that process of creation and destruction has been going on for hundreds of years. So let’s take a deep breath and keep things in perspective.
3. Americans are inventive souls. Most jobs are created through small business growth. The American spirit has not crashed. Even now people are dreaming up new businesses. So let’s take a deep breath and keep things in perspective.
4. We have a growing population with a baby boom that is coming of age and will need to buy refrigerators, cars, and all sorts of other goods. Unlike the Europeans or Japanese who have falling birthrates, we have an increasing market for whatever we create. This fall moms and dads will be buying school supplies, clothes, and Christmas gifts — just like they do every year. Sure, we may buy a bit less but demand is going to continue. So let’s take a deep breath and keep things in perspective.
5. If the economy constricts a bit, we get relief in the form of lower prices. Target, Wal-Mart, Kroger’s all have cut prices. Isn’t the cheaper gas, food, and furniture a blessing? So let’s take a deep breath and keep things in perspective.
At noon on Thursday, let’s all stop running around for one minute, take a series of deep breaths, and remind ourselves that things are simply not bad.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
