Pat Regnier. É um nome que nos diz muito pouco, mas trata-se do sub-editor da revista “Money Magazine”, com direito a crónica publicada na página financeira da CNN.
Na sua crónica desta semana apresenta-nos uma carta. Uma carta às suas filhas em que lhes diz o que fez mal durante toda esta crise e o que elas devem estar dispostas a fazer para enfrentar as eventuais crises futuras.
Uma perspectiva paternal e interessante análise da crise, da sua raiz e de como lutar contra ela. Talvez, já não esta mas uma outra que esteja reservada para o futuro.
First let’s talk about the hardest question: Why didn’t people see this coming? Well, we sort of did. Talk of a real estate bubble was common by 2003. But bubbles do funny things to your head – you’ll see that when your generation’s bubble comes along. You may read in your textbooks about the euphoria and optimism of boom times, but what I remember most was the worry.
In 2005, a year when home values in our neighborhood jumped 25%, your mother and I would talk anxiously about not having a giant mortgage. We didn’t want to stretch for a loan before we had saved for a big down payment. That conservatism hurt: Our chances of joining what was called the ownership society seemed to become more remote with each uptick in real estate prices. We were worried that our new family would never be financially secure. Or even truly at home.
So this is how you’ll know when a strong market has turned into a bubble. If you stick to prudent rules you learned before the market took off, you are bound to feel at least a little bit stupid for a while. Learn to regard that sinking feeling in your gut as a sign that you are doing something right.
Another thing we’re discovering is how quickly the rules can change. For years the good jobs were in construction, real estate and, of course, financial services. All those industries are shrinking right now. And for Dad, who has spent most of his adult life either working in or writing about finance, this is…uncomfortable.