Posts tagged as:

optimism

The unburdened psyche of America

March 4, 2009

in Culture, Society, & Economy

hubris

A few weeks ago, I seriously considered buying a Kindle.  After much research on the web, I realized the task was futile.  I live in Europe at the moment, so the Whispernet function would be useless here.  As I am Canadian, with no US address nor credit card, purchasing the device and subsequent ebooks would be impossible.  On a desperate whim, I called up a cousin of mine in Massachusetts, and asked if I could use her card and address to order.  She told me there’s a backorder of those anyway, so why not wait till they get stock?

Then a few days ago, my boyfriend showed me an article from Fast Company that promised a newer and cooler Kindle that might be available worldwide this coming December.  So I abandoned my previous wild goose chase and decided to wait.

Which brings me to this.  The US economy is in disarray and worse news keep coming.  But  there is something to be said about the level of innovation that continuously springs out of the country regardless of the wider macro-economic picture.  Think of some of the best inventions and brands around that provide real value to people everywhere.  Most of them are proudly American creations. It might not be apparent to those of you living there, but for us outsiders, we always have to wait!  The latest services, tech toys, ideas, sometimes they take weeks, if not months, to flow out to the rest of the world.

It’s easy to condemn excessive greed, risk-taking and the resulting hubris at a dire and troubling time like this.  But we should not forget that without some degree of speculation, risk-taking, and ambition, we might not have, say, Amazon.  As a side note, I’m not championing the speculation of paper and inflatable “assets” that so many have resorted to in this crisis, but tangible products or services that provide real value.  Now, this is the very Amazon that some ridiculed for years on end, for not turning a profit.  Ten years ago, amidst our general lament over the disappearance of printed pages, which analyst could have possibly said, yep, Amazon the online book retailer is gonna make reading sexy again?  Read more...

Believe it or not, the recession has perks

February 26, 2009

in Picks & Ideas

Recession has benefits for Gen X and Y

Thanks to the Skilled Investor for including us in its Carnival of Financial Planning for Mar 7.

Really?  Yes.  And I’m not talking about the less stress, better health, more me and my family-time kind of perks.

Let’s rewind.

For months, we have been pounded in the head over and over again on the evils brought on by the recession.  Let’s recount the havoc wreaked.

  • Retirees have seen their savings significantly reduced or wiped out, some even going back to work to alleviate the cash problem.
  • Baby boomers see their expected retirement date stretched indefinitely into the horizon, investments portfolio reduced, housing worth shattered.
  • Gen X are getting squeezed in the workplace in more ways than one, and feels more insecure in the job market.
  • Gen Y, having just gotten their feet wet in the workplace, feels betrayed by the many promises dangled in front of them.  Demographers have predicted speedy career advancements as a result of baby boomer exits. So much for that.

There has been considerable faults placed on the baby boomers, in their relative easy paths to success in America since the 1950s.  There were no major war nor catastrophic financial turmoil, jobs were easy to come by, properties were cheap, and the infrastructures were there to service their every need.  Many Gen Y and Gen X blame the “selfish” generation for their over-the-top consumption, excessive debts, degradation of the environment, mis-management of the social security and health care systems that will be defunct as soon as they have benefited from it, and falling asleep at the helm when it comes to financial regulation that plunged the nation, and perhaps the world, into the perilous position that we are in now.

Simplistic and over-dramatic? Indeed it is.  But there is no denying that for the younger generations, the foreseeable future is an uphill battle.  The workplace will only become more competitive, property prices are still steep in many parts of the country, health care and social security is broken, and country is bankrupt. Ouch.

 Read more...

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