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Jan
25
Hoping For The Best But Preparing For The Worst
Filed Under economy | 6 Comments
I had a chat with someone earlier today about various subjects and the economy came up. I suggested — the optimist that I am — that I’m hoping the economic downturn doesn’t last much longer than a few more quarters. My friend suggested we could be looking at 10-years of more economic pain and misery.
I hope we’re not in for 10 more years of economy pestilence, but with many institutions that once seemed strong collapsing seemingly overnight, I’m also keeping an open mind. I’m hoping for the best and preparing for the worst. It can’t hurt and could put me into a better position once the economy picks up steam.
The bad economy is dominating the discussions on the news and on blogs — especially those dealing with the legal profession. Big Law is suffering in similar fashion as it did when things were going well — spectacularly. If people thought the high points were wild, reading about the lows is even more remarkable. Firms failing, mergers, and all sorts of craziness are dominating the law firm news. The ABA Journal’s latest issue details the meltdown and its daily news reports deal with legal layoffs and cutbacks at places that were once known for paying rock star salaries.
We in Indiana aren’t rock stars, so many may be spared because things have been fairly even. We don’t seem to have the highs that are followed by the valleys. Living lean during the good times makes it easier to live lean during the bad. It’s not hard to not buy a Porsche when I wasn’t ever planning to buy one anyway. Switching from $2000 customer tailored suits isn’t on my mind because most lawyers in Indiana aren’t spending that kind of coin on clothing.
Every day, some tidbit of bad news is released. Layoffs here, bankruptcies up there. 60 Minutes is detailing the death of DHL and how it decimating Wilmington as I write.
Am I being naive for being optimistic?
I can’t envision our nation being stuck in neutral or worse for a decade. But, if others feel like were heading for tougher times, I’m not going to not listen. I’m going to reduce debt and am not planning any major purchases in the near future, despite my feeling that we’ll start hearing about an upturn around the end of 2009 that will continue into the election season and beyond.
Every other modern downturn has only lasted a relatively short time. I suspect our leaders will do everything possible to stimulate the economy so bring us out of the current tailspin in the shortest period of time. I also hope that the political class refrains from doing anything to harm the economy during these trying times. The 2010 election season is almost here again, so nobody wants to be the one to vote for tax increases that slam workers, shutter businesses and could end up inspiring the masses to throw the bums out of their cushy Congressional jobs.
What do you think?
Is it time to dig in and prepare for the worst? Or, are we nearing the end of the meltdown and can expect a return to normalcy?
If you’re of the thought that were looking at difficult time for years to come, what are you doing to prepare?
Jan
23
Blago Gets No Love From The Sun Times
Filed Under Rod Blagojevich | 2 Comments
The Sun-Times says Illinois Gov. Rod Blagojevich’s impeachment trial seems fair to them so far.
Gov. Blagojevich on Friday called upon the editorial board of the Chicago Sun-Times and other newspapers to come to his defense and ensure that he gets a fair impeachment trial this week.
But after studying the merits of the governor’s specific complaints, here’s our response: So far, so fair.
Here’s what the Sun-Times says in a Tweet about Blago’s plea for help from Chicago newspapers:
When #Blagojevich asked for help from our editorial board, they decided to call bull on this cowpoke.
