My husband and I drove down to Mankato yesterday to attend Bethany’s Feast of St. Michael and All Angels service and the very funny Theatre Physics. As we were driving, we read the Sunday paper and listened to the radio. Economic issues of today loom so large, it is nearly impossible to go a day without wondering where this will all end up. We discussed the fate of our very meager savings, our home and our retirement funds. It is tempting to become very discouraged and move into panic mode. To our benefit, my husband is a grandson of the great depression. Penny-pinching skills in his family never went out of style; I used to buck it, now I’m very thankful. We have very little debt, beyond our mortgage. Our conclusion is that our family sits pretty soundly, barring complete catastrophe.
I’ve been trying to learn something of economics lately. A friend with an econ degree recommended a few websites and a book. I find myself remembering my college years at a northern Minnesota teacher’s college. It also had a good business program, so many of my friends were either education or business majors. Coming out of the 70’s, I believed that teaching or social sciences was far superior to the study of business (hey, I was very naive). My fellow naivetees (is that a word?) and I would hold friendly arguments as to which was more important, business or serving others. What my business friends would argue to little avail is the importance of business and what I didn’t realize was how right they were…and still are. What I also didn’t realize is how closely economics and psychology are related. I love my human development, psychology and statistics courses. If I had to do it over again, I would study the économie politique. Heck, I’m going to study it anyway.
My first thought in all of this mess is that our local economy is relatively strong and is not failing. I still need groceries, gas, clothing, pet food, driving lessons for my son, college tuition for my daughter. Unless we all end up with our windows shuttered and shotguns at hand, local economy goes on. I’ve read commentary that local economy even extends to our local banks, so things would have to be pretty bad for me not to be able to cash my paycheck. My husband is a teacher, so I think that his job is fairly secure even in a recession. My job is less so, since I am the assistant of someone working in the financial sector. Still, our neighbors, friends and business acquaintances still need life insurance, annuities, financial advice, employee benefit plans. My firm may need me to become creative in marketing to survive, but I don’t expect my job to evaporate anytime soon and if it does I can always go back into teaching. In summary, I don’t believe that Wall Street failure means local economy failure. Casey Mulligan, of Supply and Demand, write in Wall Street Will Drown Alone:
There was a time when people believed that the Sun and stars revolved around the Earth. Of course, now we know that the Earth is not the center of the universe, or even the center of our little solar system. … President Bush and supporters of the recent massive Wall Street bailout plan still believe Wall Street to be the center of the entire economy.
One thing I do hope for is a return to local and state control of our daily lives. I don’t believe for a second that this is all leading to the ridiculous theories of a postponed election or plans for a one-world government. I have to admit, though, that I’m fighting the urge to stockpile food staples and pet food, ala y2k. Good thing my house is too small for that!
Tags: Government, Everyday life, Economics by TK
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