Financial Hypochondria
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It had been a great day. Tina closed the deal of the week and now was ready to kick back and enjoy the weekend. However, after picking her daughter Chloe up from afterschool care, she noticed that Chloe did not look well. As she suspected, Chloe had a fever.
Tina decided to take Chloe to the doctor’s office to be checked out. To her dismay, Chloe has the flu! Somehow, on the way home from the doctor’s office, Tina wasn’t feeling so hot. She felt she too may be feeling bad and most likely also had the flu. And that’s when her illness hit her… hypochondria.
This is much like the financial hypochondria the nation is going through. After the first of the subprime lenders fell, many others began to feel sick as well. Before long, virtually all subprime lenders had closed shop or stopped originating loans. Soon after, subprime’s next of kin, known as Alt-A began to feel sick. Not much time passed before this same illness overtook the Alt A business, and lenders fell.
Now the third cousin of subprime, known as Community Lending has fallen victim to the sickness. The problem is that Community Lending is a very close relative to Fannie Mae and Freddie Mac’s Conforming Lending. Already, the hypochondria is beginning to cripple even the mighty Fannie / Freddie team.
Here is the problem… the more we talk about all the problems, the more financial hypochondria will hit. Everywhere we look we will see problems and failures. Like the flu, everything around it and everything that touches it gets infected.
But how much of it is real, and how much is truly hypochondria? How much of it is just fear?
Fear Cripples. Action relieves fear and instills confidence. Confidence breeds growth and success.
Stop with the hypochondria folks… get busy and we will all see growth.