MY VIEW
Despite market turmoil we keep chugging along
Updated: 11/19/08 6:49 AM
The economy is fundamentally sound! That’s not a political statement. It’s just a fact.
Over the last 24 hours, I’ve spoken with a single mom, a dad and a sibling all trying to make sense of the financial turmoil on Wall Street. I also spoke with my friend Gary seeking advice to give to his mom who was worried about her retirement funds.
Before answering Gary, I asked, “Did your company sell anything today?” To which he responded, “Of course we did. I have a payroll to meet!”
This morning I got up and went to work. It was a slow ride. There were a lot of others going to work also.
I had a meeting with Neil from Northwest Savings Bank. We talked about financing for a couple of new projects.
Later I spoke to Mike from M&T Bank about the new hotel our company is building. M&T is financing the project.
My good friend Vic called to arrange lunch with Gary and I. Couldn’t make it today, but tomorrow looks good. I hope he remembers it is his turn to buy.
Around mid-day I headed out to some appointments. First, I had to stop for gas and while there I went inside for a large Dr. Pepper.
I also stopped at the post office to get some stamps and mail my school taxes. Ouch! Glad that happens only once a year.
At the hotel site I met with the construction foreman from Concept Construction. He told me construction of the walls was ahead of schedule. That’s good, because we want to get the structure fully enclosed so we can build throughout the winter. That will also keep a lot of trade workers employed.
There was no time for lunch today so I ran into Tops to get some fruit and chocolate-covered raisins to snack on in the car. Mike Dillon, who lives in Orchard Park, believes the economy is fundamentally sound.
Next was an investment presentation concerning a new local business. There were six other potential investors there, all looking to put a lot of cash to work. If the project gets funded, 50 to 60 new jobs will be created by the middle of next year.
When I got back to the office, there was a message from my wife. She had decided on a color for some bedrooms she wants redone. I made a note to stop at Sherwin Williams. Looks like I’ll be busy painting this weekend.
The financial markets are a mess right now, but from what I saw today, the economy is fundamentally sound. An economy is simply people having confidence in working with and transacting business with each other. Most people I know go to work every day to improve their lives and those of their families, simultaneously contributing to the health of the economy.
Unfortunately, this financial turmoil will cause real problems for some, but that is another great thing about Western New York. We not only know how to look out for our own, but we also know how to look out for each other.
Granted, my retirement account sure has taken a beating, but I figure I can either keep contributing to the economy, or I can pull back and then listen to politicians trying to justify why our taxes are going up to compensate for revenue lost from the stalled economy.
So tomorrow I need to get up and go to work. I also need to call Gary and tell him to take his mom out to dinner this weekend. And when I finish all that painting, I think I’ll head to Pino’s to visit Tracy and Dawn. I want to make sure they can continue being contributing members of this economy.
