Keeping a Level Head About the Economy

I read this in the letters to the editor section of todays Arizona Daily Star. It is good and didn’t get much in the way of notice or comments in the paper itself.

I like what Tony has to say and I want to put it here to keep it before readers a while longer than becoming yesterdays news.

Keep a level head about the economy

“I have an idea. Let’s talk ourselves into a recession. The media is pouncing on every shred of bad economic news to proclaim the sky is falling. Yes, the economy has hit a rough patch, but it is arguably not as bad as it is made out to be.

That could all change, of course, if the gloom-and-doom economic forecasts cause the general public to decide it’s time to abandon ship. Perceptions are powerful. If people become convinced that we are going into a recession, then there is a strong likelihood that they will react in ways that will accelerate and perhaps even deepen the decline.

Neither irrational exuberance nor irrational pessimism is good for the economy.

Tony Banks

Oro Valley”

Tony, great letter to the editor.