I recently completed two weeks at our yearly session. I work for The Pacific Coast Banking School, where I just coined and trademarked the phrase, Teaching the Business of Banking. Doesn't it just sound prestigious? Honestly, it is. I listened for two weeks as high level bank executives from all over the country taught, laughed, worked, ate, talked and especially drank. At our yearly Economic panel, now in it's 21st year, we bring in the ABC's of Economics and have them forecast for the next year. Our 'A'cademic, is one of the most highly sought after professors of economics in the country. Our 'B'anker is the chief economist for USBank. Our 'C'onsultant is the chief economist of Weyerhauser. No one liked what they said this year, predicting that Washington Mutual would be bankrupt before the end of the year, and that inflation will rise 4.2% in the next year and that although the dollar will appear stronger, it's only because other countries are weakening. I could go on, but I won't. I will say this though.
Each economist hedged their forecast this year on the election. This was their only common thread. If Obama is elected and implements even half of what he says his economy agenda is, the country will dig a financial hole for itself so fast that within two years we'll crumble and it will take YEARS to dig ourselves out, if we can.
With the extremely recent financial problems, Lehman Brothers, Merrill Lynch, Fannie Mae, Freddie Mac, Countrywide Financial, and now Washington Mutual, I hope we all take a serious look at what we can do to secure our financial futures. Robert gave a great post a few weeks ago about budgeting on his blog. Mel is reading a great book about financial security that advises to have cash reserves of 6 months. I was at a friends this weekend who really got my mind centered on food storage.
We have the benefit of not having to rely on an Economist to know what lies ahead. We have a prophet who has told us that perilous times shall come. I'm rededicating myself to being more prepared.
3 comments:
Wow that is big stuff. What an interesting job you have. And trade marking a phrase is impressive. It sounds so smart; I can't believe that I haven't already heard it on a commercial or something. Very cool.
We have been working on food supply over here too. It's a lot of work and takes some money and planning, but we know we need to do it. And it feels good knowing we have a little something for emergencies.
You guys are an inspiration! I am going back to school to be or get smart. I am not sure how well it's working but it's going. I have been really working on the food storage myself. In fact that's all we are doing for Christmas. I should keep update on your blog to get better ideas. Thanks.
Jessica
Amy, I'm scared, thanks alot!
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