Since tomorrow is Thanksgiving, a unique American holiday, I want to say that I am thankful for many things in my life, too many to mention here, however, this column is one I will mention. I am thankful for the opportunity to write each and every day about my thoughts, no matter where those thoughts take me. Yes, I try to focus on the economic and market issues that you tune in for, but, as you know, sometimes I drift into other areas. I am thankful that those who watch over me here allow me to do this. The folks here are a terrific bunch that I have come to respect and some have become my friends, which I am thankful for as well. To them and to you, I say Happy Thanksgiving and may this time of the year bring moments of caring and thoughtfulness to all.
As we move into the holiday season, it might be good to think a bit about where we were last year and where we are today as a country, and as an economy. Although the road ahead is long, bumpy, and filled with potential axle benders, we should stop and look at how far we have come on the road to economic recovery. I believe we all have a lot to be thankful for, even as so many still suffer from the harsh economic collapse. For those folks, I wish the best in this holiday season, and I hope you can find solace in the gathering of family and friends.
As I said, many things have happened in the last year that mark improvement in both our economy and the market. One quiet, understated, and incredibly important improvement is the one below.
Federal Reserve data show that total household debt has dipped by 3 percent since its peak in early 2008, as the recession was starting. That reflects both defaults and people paying down their IOUs, analysts say. Another measure of debt-related anxiety tied to the AP-GfK Poll, the debt stress index, fell to 25, the lowest level since the AP began taking the measurement in 2004. The figure means people are feeling relatively little angst about the money they owe.
It might seem odd, but this new American reality is truly something to be thankful for, as in the end, it is America, we the people, that will light the road that leads us out of our economic darkness.
To all, peace and prosperity, in whatever form suits you …
Trade in the day; invest in your life
