While I Was Away...
For anyone who's interested, here are some observations about what was happening here in the U.S. while I was enjoying some time off in Italy...
Stock and Bond Market:
When a client told me that he was worried that the world was "coming to an end" I was taken aback. What was he talking about. It turns out it was the multi-week decline in the stock market (6 weeks down). So why didn't I notice? Partly because I watched very little news, and the news I watched was Euro-based. I did, however, watch the numbers and, in spite of the 6 weeks down, the broad market wound up only declining a bit over 8% - really not that big a deal.
What I learned: 1) The media really can get to even the smartest people I know. (This guy's a smart, sophisticated senior executive.) 2) People are on edge about the economy - as reflected in polls. So anything that hints at a downturn produces anxiety.
The Economy:
What I said above: people are on edge about it. Not that they shouldn't be; it's not doing well. But there's no real reason to be on edge because stocks go down. If you're going to be on edge, you should be because the economy's not doing well, and there's no real reason to think it will be doing well in the near future. In fact, there are reasons to think it will continue to stagnate, or get worse. Then again, being on edge isn't really good for you. Anxiety and stress is unhealthy. Try not to let what's going on grind you down. If you believe, as I do, that things are going to get worse, then do something about it. Prepare yourself for what you believe may happen. Prepare for the worst, hope for the best. At least you're actively doing something - you know, using your energy for constructive activity, instead of just worrying.
Politics:
Not much different here from when I left in early June. Oh, Anthony Weiner did wind up resigning, but that didn't get much press in Italy. They've got their own political circus to keep them entertained. In fact, there's a whole contingent of Berlusconi haters in Italy that get really wound up about the guy. In fact, one night, I watched (for about 20 minutes) a show where all they did was show clips of Berlusconi, followed by a combination of mocking and angry commentary by a panel of Berlusconi haters. I don't speak Italian, but could understand some of what was going on. It was amusing - for a few minutes.
As for the U.S. scene, I didn't expect much to change, and not much did. Don't get me wrong, I'm not being cynical here. But you've got to realize that unless we wake up tomorrow to a completely different gang in Washington, acting in accordance with the U.S. Constitution, I can't imagine what these folks will or can come up with anytime soon that will change the trend that taking us down the deep, deep debt hole we've dug for ourselves.
With all that, I'm really glad to be back - really. My family's here and I really do love this country. I just hope we can all manage to turn things in the right direction sometime sooner or later.
Stock and Bond Market:
When a client told me that he was worried that the world was "coming to an end" I was taken aback. What was he talking about. It turns out it was the multi-week decline in the stock market (6 weeks down). So why didn't I notice? Partly because I watched very little news, and the news I watched was Euro-based. I did, however, watch the numbers and, in spite of the 6 weeks down, the broad market wound up only declining a bit over 8% - really not that big a deal.
What I learned: 1) The media really can get to even the smartest people I know. (This guy's a smart, sophisticated senior executive.) 2) People are on edge about the economy - as reflected in polls. So anything that hints at a downturn produces anxiety.
The Economy:
What I said above: people are on edge about it. Not that they shouldn't be; it's not doing well. But there's no real reason to be on edge because stocks go down. If you're going to be on edge, you should be because the economy's not doing well, and there's no real reason to think it will be doing well in the near future. In fact, there are reasons to think it will continue to stagnate, or get worse. Then again, being on edge isn't really good for you. Anxiety and stress is unhealthy. Try not to let what's going on grind you down. If you believe, as I do, that things are going to get worse, then do something about it. Prepare yourself for what you believe may happen. Prepare for the worst, hope for the best. At least you're actively doing something - you know, using your energy for constructive activity, instead of just worrying.
Politics:
Not much different here from when I left in early June. Oh, Anthony Weiner did wind up resigning, but that didn't get much press in Italy. They've got their own political circus to keep them entertained. In fact, there's a whole contingent of Berlusconi haters in Italy that get really wound up about the guy. In fact, one night, I watched (for about 20 minutes) a show where all they did was show clips of Berlusconi, followed by a combination of mocking and angry commentary by a panel of Berlusconi haters. I don't speak Italian, but could understand some of what was going on. It was amusing - for a few minutes.
As for the U.S. scene, I didn't expect much to change, and not much did. Don't get me wrong, I'm not being cynical here. But you've got to realize that unless we wake up tomorrow to a completely different gang in Washington, acting in accordance with the U.S. Constitution, I can't imagine what these folks will or can come up with anytime soon that will change the trend that taking us down the deep, deep debt hole we've dug for ourselves.
With all that, I'm really glad to be back - really. My family's here and I really do love this country. I just hope we can all manage to turn things in the right direction sometime sooner or later.
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