Hard Truth Weekly Reader – Shall We Panic?
This is a week for considering not how things are in the world of personal finance, but how bad they can become. If you are inclined toward getting in a funk after reading negative predictions, you might want to skip this post. If you are willing to read some hard truth to guide your own money decisions, I’ve got some helpful stuff for you.
Next, well-known conservative Pat Buchanan writes about the national insolvency crises in several European countries, i.e., the “PIGS.” Pat thinks that these recent events in Europe are predictors of our own dismal future here in the States. Who can say for sure that Pat is wrong? If you can’t, check out that emergency preparedness stuff again.
For some “how to solve our problems” ideas, an economist I admire, Larry Kotlikoff, has some radical ideas for how to fix the financial system. Even though these ideas have gained some traction, the entrenched interests in the financial system probably have too much influence in Washington. If you agree, well ….. there’s that emergency preparedness thing again.
Finally, lest you believe that I rely too much on conservative alarmists in my readings, consider the views of the Special Inspector General of our government’s TARP program. He warns in a report to Congress that the government’s response to the recent economic crisis has failed to address critical regulatory problems in the financial markets. The consequences are a repeat financial disaster, only worse. I wonder if the White House will get this guy fired for speaking too much hard truth?
I would love to hear some feedback from readers about these articles. Do you find them silly or illogical? Are they worth considering in guiding your own decisions? Have any of you made special emergency preparations for a possible worsening of the financial crisis?