this too shall pass

[dabluzman1]

Those of us over the age of 50 probably remember the tough economic times of the 70's.

High unemployment, double digit inflation, oil prices going thru the roof, fuel prices soaring,
Arab nations flexing their muscle by dropping oil production, wage freezes, gold and silver
prices soaring, raw materials shortages, auto industry shutdown yadaydayayada..........

I sense two major sects of outlook in the forums, one doom, the other ride the storm out.

A lesson I learned in the 70's was to run lean, be efficient, know where your money is spent and save for the rainy days.

When times are good, we have a penchant for ignoring the little things. Why? the money is
good and it keeps rolling in despite our short comings as a professional business person.

When times get hard, the first to fall, are those who got by on sheer luck because times were good.

This economy will right itself. When, I'm not qualified to say.

I will be around ( God willing ) to reap the rewards of a healthy economic USA .

Why, because I do practice what many are preaching here.

Just as in the 70's,

these economic woes will pass.

 

[dcalien]

At least we have not had to wait in lines for fuel, or fuel every other day like then. Yes I know we wait in line sometimes, but in the 70s there were real lines.

 

[dhalltoyo]

Dave,

Amen! Amen! and Amen!

That is one of the best posts I have read in a very long time.

The truth of a matter always separates the wheat from the chaff.

Economics are cyclic. Trends are our friends, because they allow us to plan for the next cycle.

I like the 5 P's: Proper Planning Promotes Positive Performance.

Thanks for your encouraging post!

 

[Jefferson3000]

All I remember as a kid was making 16% interest a year on my savings account.

 

[dabluzman1]

All I remember as a kid was making 16% interest a year on my savings account.

That is exactly what I am referring to. Even though you probably didnt feel the impact of gas prices quadrupling , freeways speed being set nationally at 55, gas stations running out of gas,
rationing of fuel, the 70's since 1948 were the highest years of inflation, still you
made money.

We may experience times as bad as the 70's even surpass them, but yet, even if a youngster can profit in bad times, I believe a prudent man can do the same.

 

[Turtle]

All I remember about the 70's is Charlie's Angels.

 

[Jefferson3000]

We may experience times as bad as the 70's even surpass them, but yet, even if a youngster can profit in bad times, I believe a prudent man can do the same.

I totally understand. My dad lost his job during that time. He was in real estate. In two years, Florida went from having 50,000 real estate agents to 250,000. Everyone got a license to sell houses and did it on the side for extra income. The problem was, it destroyed the industry as a viable option for many to earn a full time living, so he had to go do something else.

We're still paying on the economic blunders of "The Puppet"* that were put into play during that time.

*Insert the name Jimmy Carter where the " " is used.

 

[dhalltoyo]

Jeff,

And just to show you how indoctrinated I was by my exposure to liberal professors on campus...I voted for Carter and years later Clinton.

The traditional college education almost ruined me!

College without walls via the internet was the best thing that ever came down the pike. I could still learn and not be exposed to the daily bombardment of liberal thinking.