Economic Thunderstorms

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Economic Thunderstorms

By: grabitsdm | March 30, 2009

"The financial crisis, through which the country has so lately passed, has had a calamitous, but it is to be hoped, temporary effect upon Minnesota.  [It has] been variously ascribed to the excessive inflation of the banking system – to the large importations of foreign goods – and to general heedless speculation and extravagance of living.  Whatever may be the … causes which have super induced a revolution so wide spread and ruinous, the periodical recurrence of such disasters would seem to indicate that they are as necessary to the due regulation of commerce and trade as are storms for the purification of the physical atmosphere.  They will doubtless occur as frequently in the future as in the past."


Gov. Henry H. Sibley, inaugural address, 1858


 


Economic adversity is nothing new for Minnesota. Gov. Sibley comments on the Panic of 1857, but his words would be an apt description of 2009.  What precautions do you take to ride out economic thunderstorms?