First Person First Hand

One of my professors has suggested that first hand knowledge is one of the most overwhelming influence to wrong decisions. What you see is what you believe and believe so without a full assessment. Yet, I can scarcely deny that indeed the economy is falling when I go to an outlet mall. The weather is beautiful, everyone is out - and yet, when it comes to making the purchase, a few wallets open up to see the light of day.

Some have hoped tax rebate checks will help the stiffly held wallets open a bit, but right now it's pretty much in air. Cellular-news recently reported a huge dip in electronics spending. Perhaps, the only ones buying are those who look for favorite gadgets, with discretionary purchases from the common population on decline. People have compared the present decline with Japanese recession and it's clear that it would be hard to get out from here. Yes, there are opportunities, but a disproportionate number of them are arising out of poorer countries. In the next 30 years we will see a rebalancing of the world, with Asian nations emerging from past 500 years of misery.

But what do I know? I have just seen it first hand.