Economic Panic 2008

It seems the only thing on the minds of American's today is the economy. Are we in a recession? Is this going to be the start of a second great depression?

The media has come up with a name that seems to be sticking... it's now dubbed 'Economic Panic 2008'. So we can all stop wondering what to call it now! Whew! So far it's the best one I've heard! And really it's exactly what it is... panic.

I'll agree that times are tough for many and there's some reason for concern. The question is how much of this 'Panic 2008' really concerns you?

Before we get into that, we should review the definition of Panic - (noun) a sudden overwhelming fear, with or without cause, that produces hysterical or irrational behavior, and that often spreads quickly through a group of persons or animals.

Economic panic causes people to use poor judgment. So, before you fall into a financial schizophrenic episode, get your personal facts straight. Especially in times of wide spread panic you need to know the facts about your business and not just your Cash Machine. You have to think like the CFO of your personal finances. It's the only way to keep clear and not get swept up in the hype. Know your bottom line and take guessing out of the equation. If you're saying things like, "well I'm pretty sure about (blank)..." you need to have a sit down with your financial filing cabinet. If you don't have one, do it now!

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