Payne's Perspective: March 9, 2020: High Noon
I find myself toggling from TV station to TV station, especially financial programs. I am prompted to change channels, as commentators lay it on thickly with segments on worst-case scenarios with guests that have long track records of predicting doom and gloom (including market crashes that haven’t happened and recessions that haven’t materialized.) It feels orchestrated to elicit fear more than to inform the public. There is a need for an abundance of caution, but does that mean shutting down the entire economy?
Those at greater risk should take decisive measures and distance themselves from the public as much as possible. However, for everyone else, the notion of skipping the mall or a concert will impact the economic ecosystem. The velocity of money means there is greater overall wealth when dollars circulate through society.
We aren’t there yet. The more people read about hysteria, the more likely there will be hysteria. From the beginning, my greatest fear was streets that look like the final scenes in the movie classic High Noon.
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