Between 91 and 94 percent of all home mortgages in the United States are current, not teetering at foreclosure. The overwhelming number of banks, particularly community banks, have been managed responsibly and are not on the brink of collapse. The vast majority of public corporations with stock values depressed by 20 or 30 percent are in no way connected to the mortgage meltdown, Wall Street's house of cards or the collapsing auto industry. They are well-managed companies and their fundamentals are sound. And there are still productive, successful, optimistic people.
Kennedy ought to know. He is a successful entrepreneur, consultant, speaker and the author of 13 books. Kennedy is especially known for his seven "No BS" books and that is the title of his new BMI column. Kennedy reaches well over 1-million independent business owners annually with newsletters, speaking engagements and meetings around the country.
The column is honest about the problems facing the country and how to handle them. Kennedy points out:
Of course there are serious economic problems that require urgent fixing. That is best done, largely, with private capital, not the stampede to socialism made palatable through the marketing of crisis and manufacture of panic we've seen orchestrated - with a woefully ignorant media, parroting panic-talking points.
Read more at the Business & Media Institute and get used to finding straight talk from a man famous for "No BS."
—Dan Gainor is director of the Business and Media Institute.
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Comments Policy
With all due respect to Mr.
October 16, 2008 - 17:06 ET by Chris NormanWith all due respect to Mr. Kennedy, the retail segment has been hit hard after already a very creaky year. I wish that when business news was discussed, it wouldn't just be about Wall Street and other big business. There are a lot of people hurting out here - of course, I don't think Obama is the president to fix it...
McNotObama '08
Parrot a talking point
October 16, 2008 - 17:23 ET by Lame CherryThat certainly is a great line about the parrots everyone on the right and left talking about the "economy".
If one bothers to look into what was hurting, it is the socialist communist sectors of the auto industry which is not building vehicles but interested in homosexual activity with being a geezer retirement plan.
If one couples with crude oil and grain which were part of Obama's Soros hedge fund attack on the western economies along with Warren Buffett's nation rape activity, that is what "economy" was hurting.
Of course people are not going to be spending money on pizza or buying new shoes as often when that money is going for gasoline and home heating, the problem is that most of the posters on Newsbusters are not of this base economy but of the more wealthy segment who only say, "Oh rats" on a price instead of "What the heck am I going to do without insurance as I have a house payment and gas for work".
That is the fact of the various economies and the fact that it is the globalist ilk whose businesses which are the ones in major trouble.
I even told my banking chain in a letter how stupid their plant a tree program was and instead advocated providing dividends to savers in a tree coupon they client could plant themselves, along with other outdoor goodies as not everyone is a golfer or likes hiring their lawn mowed.
Local banks could provide a major economic boom if Sen. McCain would advocate this rewards program as "buy a home and get a John Deere lawn tractor" would benefit the entire community.
Those are the small management plans from everything from hunters, fishermen, trappers, gardeners, etc... which inhabit America who buy things like homes, vehicles and school loans who should get something back........that something should be something they enjoy which is American made which employs Americans servicing and building those items.
I would like to see our banks get into this type of partnership with Cabelas, John Deere, Ford (If they would make a pick up which would run with a carb again that would last 20 years) etc...
All kinds of innovative things can occur in America if we think out of the box. Sound banking loans and savings should be rewarded and those rewards should help local businesses doing business in our local banking structure which is sound.
God bless
*HIC IACET ARTORIVS REX QVONDAM REXQVE FVTVRVS
Fixing
October 16, 2008 - 17:53 ET by JDWGas will not remain at $69 a barrel if we refuse to drill
Nobody will buy anything if we share income
Banks will not survive if they are forced to make mortgages
The DOW did well today, what's wrong with our economy?
JDW
DAILY WAVE
'Hey Chuck, Stand Up!'
Is the Community Reinvestment Act part of free enterprise?
Dan's the Man! I pay my
October 16, 2008 - 18:03 ET by TN MomDan's the Man!
I pay my mortgage on-time every time!
My community bank is still loaning $$.
is it too late to get the bailout money resinded??
FREE MARKET!!
It's refreshing to see a
October 16, 2008 - 18:11 ET by IndigoChillIt's refreshing to see a more sane, well-balanced take on the current economic situation.
AP Complicity
October 17, 2008 - 02:39 ET by entThe mainstream media (read: Associated Press) has been trying to hammer the economy for eight years now, moreso in the last two years, and even moreso in the last few months. The political motivation is so transparent. Does anyone else find it more than a little coincidental that the crisis finally hit the fan just a few weeks before the election? I mean, they discovered the bookkeeping fraud at Fanny/Freddie four years ago. Why did it take until now for it to trash the economy?
And while we're on the subject, when in the h*ll are Franklin Raines and his cronies going to be prosecuted for the tens of millions that they stole from Fanny/Freddie by hiding losses, thereby inflating their bonuses?
mortgage collapse
October 17, 2008 - 04:27 ET by Agnostic"Why did it take until now for it to trash the economy?" - Like a domino set up the situation needed the right catalyst. We have known for years the the general spending habits of the nation had the credit market over extended and we have known that giving bad mortgages was a bad business practice. How did we know? Common Sense.
So now the credit industry has set itself up and just needs something to push down that first domino and set off the destruction of the market. Enter the U.S. Sen. Charles Schumer, D-N.Y., who touches off the collapse with a letter causing the equivilant of a bank run and the subsequent collapse of IndyMac. Of course there was also the ever-present media to make sure that nothing would stop the fall by the 24/7 panic inciting coverage displaying <5% of the mortgage market as being indicative of the entire economy.
In summary, the media took what people knew by common sense and a situation created by a US Senator and removed any confidence in the economy.
Moving forward that common sense knowledge of extended credit markets will translate into reduced purchasing by consumers and an increase in unemployment. Recent changes in laws regulating unemployment compensation will increase unemployment for at least the next three-six months even if we had an immediate turn around (won't happen). Consumer confidence is what drives consumer spending and consumer spending is what drives business planning. Expect many cut backs and subsequent down sizing unless the media gets off their 24/7 panic button.
The bigest mistake made by all the plans that were put out by the administration to alleviate the problems caused by the credit industry was to ignore the consumers. They allowed the consumers to watch the market fall and companies collapse and let the media set the message to the consumers. The article is right that the creation of private money and capital investment is the answer not knee-jerk socialist programs. The consumers will continue to not spend, continue to be pessimistic and everyone will be hurt.
However, McCain was right that the fundamentals of the economy are strong. The proof is that the economy withstood this onslaught of corruption, greed, theft, lies and general socialist attacks. It may not be pretty but it is still intact no thanks to to our socialists in office and their corrupt appointees. Unfortunately those strong fundamentals won't last long without significant cuts to capital taxes and other incentives for investments.
An article about Schumer's letter can be found here: http://latimesblogs....