On the other hand...

Here's an interesting take on the current recession and why we shouldn't be so afraid of it.

Excerpt:

Most people will profit from the current slow-down, and also from any recession that may follow.

How can this possible? It is possible because most of the pain felt in economic corrections happens at the margin, hurting some people badly, but making things better for most people, overall. Think about it . . .

Businesses will suffer lower profits, but most of them will re-think and re-engineer their operations, emerging better and stronger than they were before, while those businesses that fail will see their assets moved to more productive firms, paving the way for greater societal wealth in the future.

Those who are close to retirement, and stayed in the stock market too long, may have to delay their retirement for a year or two. But if they refuse to panic by selling out now, they too will likely emerge better than before.

The greatest pain will be felt by those who lose their jobs. This pain will only impact, even if we have a severe recession, about one out of ten Americans. This is too much pain suffered by too many people, but the fact remains that . . .

Roughly 70% to 90% of all Americans will suffer NO economic pain at all. Instead, they will actually BENEFIT from the correction, because the cost of living will drop, and new investment opportunities will be available at bargain prices.

Hmm, what to think?