It's great to get out of town now and then. The financial crisis had me hunkered down, a siege mentality taking hold. A long car ride was in order.
Fortunately, I had the opportunity last week to do just that, visiting Pennsylvania, Virginia, New Mexico and Texas.
My take-away mirrored a recent poll by the Pew Research Center. Pew found that people are concerned, but not panicking about the financial crisis.
That does mean that people like Dave Garretson, the fruit farmer I met in Biglerville, PA, are not feeling some pain. Dave "lost more in a month" than he makes in a year. But people need apples, he plans to sell them, and he doesn't have a lot of debt on the books. Dave is not panicking.
Neither are the people I spoke with in Amarillo. KACV, the local PBS station, was kind enough to invite me out to speak to a group of local business owners. I heard concern, some outrage at CEO pay, and a general sense of shock at the way business has been done on Wall Street, but no panic. Amarillo is benefiting from oil money, investment in wind energy, and a strong sense of community. Amarillo is looking pretty good right now.
It was much the same story in Virginia and New Mexico. In the long run, there is much to be optimistic about in these states. Strong research institutions, skilled entrepreneurs, and lots of hard-working people.
On the whole, my trips always remind me that we are a pretty sensible nation. Sure many of us got carried away with debt, but all of us will make our choice on November 4th, and then we'll move on to fix this mess with as much care and common sense as we can muster. That's how the nation does business even if the financial sector didn't.






Comments
I believe we will eventually find that Hedge Funds and derivatives played an integral part in the financial meltdown. I don't understand why the media has stayed away from invesitigating and reporting on them. Is it they're too complicated?
PBS is the best of the best in news broadcasters and researchers so I can't believe they would not be able to give us some perspective on the subject. I understand they have some very intereting accounting practices.
Please follow the money!!
A Very Concerned Citizen in Florida,
Debra Ludewig
I do not believe we are at the end of this crisis, as a matter of fact, I believe this is just the beginning. Next year will be bad for many and maybe most. No one really understands what is happening. I believe some in the Government are really worried but are not telling us because they do not want to cause a panic. As more and more homes go into foreclosure, more banks will be on the edge of going under and we do not have the resources to bail them all out. Banks will continue to not loan out money and other businesses will start to lay off more and more employees because of lack of funds. These things will spiral out of control next year and we may go into a depression or at least a deep recession which may take many years to recover from. In the meantime many people will be hurting badly.