It’s a Global Economy
We’ve heard that often enough over the years. It has become a part of our daily lives to have products from China at Wal-mart and grapes from Chili in our grocery produce section. None of us gives a second thought to buying electronics made in Japan or clothing manufactured in Taiwan.
None of us thought too much about those words, Global Economy, until now.
Those jobs going overseas were a concern, sure, but it all seemed to be OK.
The fact that bad investments and poorly performing stocks here in the USA could have such a profound and horrific effect on the world financial markets and the stability of currencies and even countries on such a world wide scale is unprecedented in human history.
The lax lending practices that I have seen over the years, where buyers could qualify for loans that they had no investment in, was hard for most of us to comprehend. But, it meant that there were lots of buyers!
And they bought. It’s the American dream. People have come to the USA for a chance at a better life for generations. The chance to find a good job, own your own home, worship as you see fit, and raise your kids in prosperity. The world bought stock in that dream.
But we took a wrong turn somewhere.
At some point we lost sight of the fact that none of these things are free.
There has to be an investment. An investment of hard work. An investment in education. An investment in diligence, and saving that down payment one dollar at a time. Even “sweat equity” implies working hard to make something better than it was.
It is something that we teach our children when they do chores around the house, and it’s a lesson that each of us learned when we had to start paying our own way.
We are tough. We will recover from this crisis. But, things may not go back to the way they were. Maybe it will be a little harder to get a loan. And just maybe that is a good thing. With more of an investment in ourselves and our future we will be stronger.