Even the media people need to keep their jobs

An interesting story appeared on three national news programs Monday and Tuesday: amid all the bad news they were reporting, they actually brought on experts who were sensible, calming, experienced, and who said we have been through much worse times in the past 30 years (particularly in bank failures) and we will make it through this. Wow. It’s as though the advertisers, producers, writers and reporters suddenly realized they were contributing to the malaise and panic, and just possibly their OWN JOBS might be on the chopping block if they join the “sky is falling” crowd. Of course, it didn’t last long and they soon returned to their hysteria. It’s hard for a leopard to change his spots amidst the zebras. They all look like lunch. For people on fixed income and pensions, as we are, this is not a fun time to open the monthly statement. But from 2003-2007 it was a joy to meet with our investment adviser. It was like having a third person living with us who turned over his salary, but didn’t eat or use utilities or ask for the credit card to go shopping. What goes up must come down; all bubbles burst; nobody ever got rich (except federal and state bureaucrats and lobbyists) by asking the government for help.

The CBS Early show today actually showed how taking your lunch to work can equate to 500 gallons of gas in a year, a trip to Hawaii or contribute to a house down payment. The beautiful female lawyer who was interviewed was spending about $100 a week on just eating lunch at work--and she wasn’t even going to any great places. It’s amazing to think this woman went to college! And law school! I’m sure if interviewed about the state of the economy she’d be a whiner.

Here’s what I’d tell my son and anyone else worried about the economy: stop smoking (or some other expensive habit like daily lattes, lunch out or weekly manicures), put that money into your IRA, take a deep breath, and let the market do what it always does--correct and advance.