Looking at the various trackers I use to keep tabs on “money stuff” it appears I’ve clawed back somewhere around 80% of what was lost when the floor fell out from under the stock market during the opening days of the Great Plague. I wish I could take some kind of credit for having a shrewd financial mind. It has far more to do with being willing to just stand there and take a beating without locking in all those losses by fleeing to the safety of cash equivalents… though I suppose sitting around watching the market erode your nest egg day after day after day without screaming “uncle,” is a certain kind of financial bravery of its own.
I’m happy to see a lot less red ink on the page, but I’m not even cautiously optimistic of the market’s ability to hold on to its gains in the absence of the truly massive amount of money the Federal Reserve has pushed into the system. Until I start seeing unemployment numbers normalizing, consumer confidence picking up, and a reckoning about how the foreclosures and evictions that have been held in abeyance for the last few months will be addressed, I won’t be convinced it’s not an aberration.
Call me a pessimist, if you will, but aside from there being a nice blue sky and sunshine overhead I don’t see how or where we’ve really turned a corner – and I’m fairly sure the economy doesn’t turn on how pretty a day it happens to be outside. Then again it’s possible I have completely lost track about what it is that actually does drive the economy. So much seems to have changed since I took my basic classes twenty years ago… or at least we’re pretending they’ve changed right up until the old rules jump up and bite us in the collective ass later this year.