You think you have problems, well look at mines. Everyone wants to know about mortgage rates now and in the future, when will the real estate "thing" will be over, is the stock market going to recover, and lately a whole group of people are writing me with questions as to where they should live. If that isn't enough, those in the know want to understand the ramifications of the inverted yield curve, the revaluation of the Chinese currency and its effect on America's assets, the timing of the next Federal Reserve move and who will get the number one spots in the upcoming NCAA men's basketball tournament. That's easy: UCLA, North Carolina, Ohio State and Florida.
Now on to the hard part, these questions wouldn't be so difficult if the world hadn't shrunk and the economy hadn't become two: primarily wall street and Main Street. Wall Street is going in one direction and Main Street is barely going anywhere which really has a lot to do with China, the outsourcing of jobs and the changing nature of our way of life. Would you have ever thought that the new generation would negate the intellectual property law in a way that no one saw coming? Did you ever think you could do what I did last night, send an email to two associates in another state while my wife was driving the car? I pressed a button after I had finished typing and I have already had a reply this morning. I never even saw the homing pigeons! (Whoops, my age is showing.)
This Country and the rest of the countries in the world are facing monumental tasks to try to become one world, a peaceful one at that, which creates opportunities for everyone in every country. The jobs we lost in our Country were jobs, which were created in China and India, to name a few on the other side of the equation. The benefit is lower cost goods for our consumption in this country, which is pleasing to Wall Street, higher profits, and displeasing to Main Street, fewer jobs. Whether you like this trade off or not, it most likely will not change, but will change us. Like those who manufactured buggy whips technology forces changes upon us whether we are ready or not. Ready is a personal requirement first and foremost, and then a societal problem. When I was going to college, the need was for engineers. I studied economics and was prepared for the consequences of my decision.
Roger Schlesinger's Mortgage Minute is heard on hundreds of radio stations and daily on the Hugh Hewitt radio show and Michael Medved shows. Roger interacts with his hosts and explores the complicated financial markets in order to enlighten his listeners and direct them along their own unique road to financial freedom.