Curious Why Anger Is A Good Sign For The Economy
WBZ
The recession has created high anxiety and the big bailouts have stoked rage.
Walter from Dorchester is angry.
He declared his curiosity to WBZ in an email:
"Enough! Farmers, auto makers, banks, so on and so on! What about us? The ones paying their bills, taxes and mortgages. What about the middle class?"
Well, this anger might be a good sign for our economy.
Richie Torres is a small businessman.
The lousy economy cost him work and he's laid off some of his roofers.
"I'm angry," he told WBZ. "Because, you know, if other people get help, why can't we get help?"
From the hot rooftop to the hot dog stand at Copley, where Doug Burrell is feeling the same.
"I haven't received any million dollar checks or billion dollar bailouts at all. I'm waiting though," he said, adding that all he's received so far are bills.
It's like a multi-trillion dollar game of Monopoly.
Throw money at the banks and the insurance companies.
Let's build up the car makers.
A "Get of Jail Free" card for the CEO's.
But for most people, it's "Do Not Pass Go, Do Not Collect Anything."
For the majority in the middle, the bailout and stimulus didn't do much, but make us mad.
It seems like there are a lot of angry people out there who say "I still haven't seen mine."
"The good news about that is when people are angry that usually means it's late in the cycle of the economy," financial advisor David Caruso told WBZ.
He says this emotional negative can be a positive.
"People tend to go from fear, to frustration to anger."
"Fear was probably last September, frustration is probably last March and now they're angry because I didn't get mine. So, that's a sign that the economy is probably improving because it's a lagging indicator."
Caruso also says the middle class is benefiting from the stimulus.
Think about it.
A tax credit for first time homebuyers.
The cash for clunkers deal.
It's also putting people to work and protecting some jobs.
"They're working, they're paying their bills," said Caruso.
Want more positives?
Interest rates are down.
Savings rates are up.
Government inaction, according to Caruso, could have caused a financial fiasco.
"We could have had a complete meltdown, but the bailout absolutely helped the banks, the financial solubility of the market and it helped people think the world isn't going to come to an end."
But "thank goodness it wasn't worse" is not what Richie Torres is screaming from the rooftops.
We asked him if his last name was Citibank would he think he'd be alright?
"Oh maybe," said Torres. "I'd be happy, my guy's would be too."
Happiness.
Hopefully the next step after anger.
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