My New Blog

Fixing the economy can all be described with one word: Confidence. We need the consumer to be confident enough to make long-term decisions such as purchasing a house for their long-term security. We need businesses to be confident enough to hire workers so that they can expand in the long-run. We need investors confident enough to purchase financial instruments so that banks are confident enough to lend to businesses and consumers. Certainly, the past few years have not been a period of confidence. On the other hand, sometimes events outside our own control give us another perspective. The tragedy beset upon Haiti is of a magnitude that is hard to conceive. Yet, the response of the world to the aid of this small country also is of a magnitude that is hard to conceive.

While we expect major economic powers such as our country to step forward, the realization of this world effort comes from stories of countries such as Norway. Norway, with a population about half the size of New York City, is contributing over $17 million to the cause. The plight of Haiti puts our crisis in perspective. This country knew of their vulnerability to an earthquake, but did not have the financial resources to rebuild. Our problems are many and many have suffered. But we are a great and resilient country and we must have the confidence that we can overcome our issues. Perhaps as we rally around Haiti, it will move us to rally our country out of our own crisis of confidence. We can do so much more for the world if our own economy is stronger. One indication would be a positive preliminary report of economic growth for the fourth quarter. This indicator is just around the corner.