You could hear the panic
I’ve been catching up on some old money-related podcasts lately (as in, from December & January of 2008).
Not only is the content interesting, the tone of the voices are.
Viewed with a little six-month perspective, I can more easily hear the panic in the voices.
It’s like an undercurrent running through everything the hosts and people being interviewed said, and it’s more noticeable now than it was at the time, even though intellectually I knew how people were reacting.
It’s funny, because while people are still talking about the markets and the credit crisis all the time (at least in the things I read and listen to), the sense of panic seems to have subsided.
Part of me wonder if that’s just because you can only stay in a state of panic for so long.
Panic is never good though, because it keeps you from thinking clearly. It causes you to make decisions that are often irrational and detrimental.
I’m glad to see the panic subsiding.
Now if only there would be lots of good reasons for people to feel better about the markets.
At least looking at my stocks and 401k hasn’t been something to fear lately.
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June 13th, 2009 at 9:47 pm
Back in December there was a distinct possibility that the economy would fall off a cliff, as in hundreds NOT dozens of bank failures. There was a distinct possibility of a replay of the great depression. Things were really dismal back then.
While you may not see this, things are dramatically different now. There ARE good reasons for folks to feel encouraged about. This is now a bad recession, but at least for now, the specter of this turning into something worse has receded.
You want some examples of how things have improved? Just look at the VIX index, the LIBOR rates and the TED spread. It is pretty incredible how far we have come in a few short months.