Author: Suzanne Pratt, Senior Correspondent

After a very long earnings recession (defined as consecutive quarters of declining/negative earnings growth), there is finally an end in sight. So far Q3 results, while still negative, look decidedly better. While market pros are happy about the improved profits, they are mostly jazzed that the numbers are beating expectations. This is one of those funny inside Wall Street nuances. Its not so important what the company earned as it is what everyone thinks it will earn. In other words it's all about "expectations." In Q3 companies are surpassing those expectations....and in some cases by a lot.

I am only too happy to do "shopping" stories...as I have no problem admitting that shopping is my only real vice in life. I am not a frivolous spender...but I do like the touch and the smell of new clothes, whether for myself or my kids. I adore the rush that comes from making a purchase and the joy of hanging it in my closet. It doesn't really matter what the item is. What does matter and always has is price. When I buy something it's almost always on sale...either marked down or with a promotional coupon. You see I am a patient and careful shopper. When I find something that I really want (beyond commodity items) I will and can wait. Not always, but usually, it goes on sale. Do I ever pay full-price? Yes. I made one such purchase just last night. And, while I won't tell you what I bought, I will tell you that I have coveted it for six months.

Reading Rodney's blog today made me chuckle....but it also reminded me of my first car....and a valuable lesson learned.

As an undergrad at Tulane University in New Orleans in the 80s, I found myself needing wheels. After several months of nagging my parents, my father arranged for my grandmother to finance the purchase....and it wasn't long before a very nice check arrived. Flush with cash, I started visiting dealerships and test driving automobiles. I soon fell in love. But, the car of my dreams wasn't a Camaro, it wasn't a Honda Accord nor was it a Datsun 280zx....all popular choices with other 19 years olds at the time. No, the car I absolutley had to have, the car I spent all my money on (including an additional $1,000 I scrounged from hours of babysitting), the car I bought was a Renault Fuego.

In evaluating whether President Obama's stimulus plan is working, a number of economists I spoke to for my report in NBR's "Signs of Stimulus" Memorial Day program pointed to the intangible effect of "optimism." The theory is that because the government is taking decisive action to fix the economy, people are already feeling more confident and secure. While that may be true, whether that newfound cheeriness will result in spending is less clear.

Economic theorists have debated for some time whether there is a correlation between consumer sentiment and optimism. For myself, I know there is a strong connection: the happier I am, the more I shop, and vice versa. But, happiness is an elusive quality and we all know that emotions can change very quickly. Is an upbeat American enough to bank on when looking for a way out of this monstrous recession? Probably not...but I guess it's a good place to start.

You've probably heard about the economy's green shoots...the little buds that show life is returning...and suggest that maybe, just maybe, the recession is waning. Recent green shoots include weekly jobless claims and stronger consumer spending. Those are both official measures. But, I'm wondering if you've seen any unofficial indications that the economy is strengthening. Today, one of my colleagues told me the commuter parking lot at his train station has been a lot fuller in recent weeks. That suggested to him that more people were commuting into the city for work than in recent days. Of course, it could also mean that more people were using public transportation in order to save money. But, I'm sure you get my point. Are there any non-traditional green shoots in your own daily life that suggest to you that the economy is turning a corner?

Sadly, every few years it seems I have to report on the economic and/or stock market ramifications of a public misfortune. I find these stories really tough to execute. What's the right tone? How do I pick the least offensive language, etc? Invariably, but not intentionally, I will offend someone. I hope I did not do that today.

In any case, one thing I was unable to include in today's story about the swine flu outbreak is comparisons to the 2003 SARS outbreak. While that epidemic lasted for six months and killed hundreds of people, the global economic impact was quite limited. Of course, it is important to note, that in 2003 the global economy was in far better shape than it is today.

When we talk about "systemic risk" or "too big too fail" aren't we really talking about "fear of the unknown." After all, do we really know what would happen if the government allowed General Motors or AIG or Citigroup to shut down? Sure, we know what some financial experts have speculated...and it certainly sounds frightening. And, we know President Obama is trying to protect us from what he believes could be even more devastating financial turmoil.

But, I ask you, if the government continues to pour billions of dollars of taxpayer money into companies already on life support....how will we ever know?

I'm getting worried. Yes, I'm concerned about jobs. And, yes, I'm concerned about my portfolio and the shrinking value of my home. But, now it appears that there's something new for me to stress about: our new frugality. We Americans are doing something we haven't done in a long while, we're saving. Notorious for a savings rate of zero, it has now risen (according to Q4 GDP) to nearly 3 percent.

For Wall Street and many on Main Street, 2008 was an "annus horribilis"...of gigantic proportions. Bookended by the collapse of Bear Stearns and the near collapse of GM, it is a year many would like to forget. As an investor I wish I could make "2008" disappear from my 401k statements.

But, as a journalist, I have a far different take on 2008. I consider myself lucky to have been alive and "reporting" on a year that will most likely result in volumes for the history books. I began my career as a financial journalist in 1987...another important year for business news. I was, however, far to young and too green to appreciate the significance of the news I was soon covering. This time I get it. While the news has definintely been awful, the experience of covering it has been wonderful...and probably a once in a lifetime thing.

When I was first assigned tonight’s story on 401ks, I must admit that I didn’t like it. That’s because I was worried that even questioning 401ks in the current nervous environment would plant a bad seed in the mind of investors….and perhaps cause them to rethink those automatic contributions. I think 401ks are terrific….not because I’ve made a bundle of money…but because I have SAVED at least SOME in the decade that I have been a participant.