It appears that everyone continues to fret and cry over the market losses today. Almost every blogger I’ve read today has had some sort of masochistic joy-gasm over the fact that the market is tanking like all get out today.
I’ve heard many anecdotal reports of bank runs taking place in New York for the last week or so. Meanwhile, I sit blissfully unaware of any real impact as the cost of gas continues to fall (as do essential commodities like bread and milk).
It wasn’t a planned thing, but my family is both making and spending more money over the last two months than usual as well from various entreprenurial ventures. Rather than hoarding our money (which is supposedly losing value due to inflation), we’re spending it. If the economy is truly tanking and all of my dollar bills are going to be worthless soon, I’d rather have stuff than paper.
Isn’t that the wiser move of the two? Not to mention it brings about economic positives, like consumer growth and (sales) tax revenues.
We’re just one family, but the way I see it, what happens on Wall Street is pretty far removed from what happens on Main Street. Lean businesses that count on either venture or growth based business models will survive, and those that rely on constant credit infusions will stagnate. That’s a healthy thing.
Sure, we need boom cycles, because out of excess comes innovation. Out of too much boom, though, comes bloated and truly useless business models.
In short, this is healthy for us. It’s diet time for America, and we’ll come out better for it when we’re done.
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