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It’s the Economy Stupid… I Think.

March 20, 2010

I’m neither an economist nor a philosopher.  Over  analyzing and deep thought are not particularly my thing.   I’m more of a cut and dry kind of person.

That said, here’s my analysis of the economy.  It’s only as bad as we think it is.

Who’s with me?

The problem we face in society today is that news travels fast.  Too fast.  Why is that a problem?

For six months, before the real estate market did its best impersonation of a nuclear reactor meltdown a couple years back, my clients would ask me or even tell me how bad the real estate market was.  Of course at the moment, where I was selling property, the market wasn’t bad.  In fact it was very good.  But every day on the news, there was another story about the bad real estate market and falling prices.  It became a self perpetuating vicious cycle.

What I found was that the more we heard those stories in the media the more we started to believe them.  The next thing we knew, the real estate market was bad.  I’m reading Seth Godin’s book All Marketers are Liars (Tell Stories), and one of the ideas that immediately jumped out at me was that we all lie to ourselves.  We believe what we want because it makes us feel better about our lives and situation.  As an example, I tell myself everyday that Verizon has the best cell phone service.  I truly believe it.  It helps me rationalize spending so much every month on my bill.  On the other hand, you may believe that AT&T is better.  The truth?  It’s relative.  Relative to where you live, how much you travel, the type of phone you use, etc.

Now don’t get me wrong.  I’m not foolish enough to think that the economy is not affected by a multitude of outside forces, but our mindset has a big influence on how we act and treat the current situation.  In fact, the truth is probably somewhere in the middle.  Mindset combined with reality affects/determines the economy.  Right?

Either way, I’ve decided to change my mind.  I’ve decided to think the economy is good.  I’ve decided that the real estate market is roaring back.  Am I lying to myself?  No, I’ve just decided to make it my reality.  Who’s with me?

Here are a few more Seth Godin books I’d recommend.

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