This is scary.
The lifeblood of the economy is businesses borrowing money. But banks are not lending money any longer, to anyone. They are holding onto money with fists tighter than a python’s hug.
Thus, the economy slows and grinds to a halt. Jobs are lost by the boatload. Homes are foreclosed on. Cars are repossessed. Taxes rise. Wealth goes rapidly down the tubes.
So how do we get out of this mess?
Not every business can do this with my solution because other businesses have more capital equipment needs than does a solo lawyer. I have a bunch of business cards, an old laptop, a workhorse printer, a fax machine, a cellphone, a PDA and a few file cabinets and bookcases. I’m set. Those who need more technology are in trouble.
The economy may work in cycles, but I don’t think I like this cycle. No, I don’t like this cycle one little bit. Maybe I’ll ramp up a personal bankruptcy practice.