The Growing Segment Of Our Population That Is Becoming Financially Educated & Aware To The Economy
There is a growing segment of the population that is becoming more educated on the economy and the markets. Internet blogs and websites are providing individuals with real, hardcore economic data and discussion that is very different than the mainstream media (see Growing Divide Between Financial Blogs & Mainstream Media [10/28/09]). The encouraging sign of all of this is that the traffic is increasing for these “smart” blogs, as I like to call them, and viewership is definitely stagnant at best for outlets like CNBC. Maybe it’s because the CNBC folks like the “Fast Money” traders ridicule economists with a different point of view.
Even more encouraging is the intelligent comments and discussion that can be seen at blogs such as ZeroHedge. A quick visit to such a blog will show the following:
- The majority of the community doesn’t buy into the economic policy of the Fed and the other government leaders
- Most of these folks don’t believe that government is fixing the economy
- Most are skeptical of the market rally and its sustainability absent government stimulus
- Most are looking to exploit and make money off these developments
When compared to the average American citizen who is clueless about real capitalism and the functioning of our economy, the difference is staggering. Most Americans goto work each day, watch American Idol at night and watch football on the weekends. The extent of their market exposure or economic education is their monthly 401(k) statement at best. Most of these folks see a headline that reads “GDP growth 3.5%” and figure that the economy is improving, if not already back to normal. There is an extreme absense of desire to understand the economy or desire to have a say in the direction of our economy on the part of most Americans. They are content with a job, a TV and a weekend.
Consequences Of Financial/Economy Education Spreading
Now, with that said, thankfully, it seems that the internet is the vehicle that is spreading some strong, quality economic reality and financial education. Also, an economic crisis probably has an impact on individuals becoming more aware or having an interest in what is going on.
As more people become aware to the realities of the economy and begin to challenge the mainstream Keynesian “We need the Fed” type economic view, we will see some significant changes I believe. Remember Ron Paul’s 2008 President campaign? Despite being up there in years, his supporters were mostly… young people! Very encouraging. Make no mistake, the Ron Paul / End the Fed / free-market economy supporters are supporting something drastically different than the economic policies of Barack Obama (and George W Bush for that matter). Add in the skyrocketing popularity of Glenn Beck, a noted Libertarian with similar economic views, and there is some exciting things brewing.
What I Want
I want a President (and other leaders) who will run on the idea of not doing anything. Quit trying to sound like an economic expert or a health care expert. You’re not either. Instead, run a campaign by saying “Hey, I’m gonna get government out of the way”. Give me and others the opportunity to make money. Give us the ability to take a risk, start a business, and make a killing if it happens for me.
In order for this to happen, more people need to continue to become educated. The financially educated segment is growing and we need this to continue. Question economic policy. Do we really need the Federal Reserve? Do we really need economic stimulus from the government? And if we do, was the close to $800 billion back in early 2009 actually spent in a stimulative manner? As Glenn Beck says, question with boldness.