In today’s complex economic landscape, many of us are striving to gain insight into what lies ahead. We seek to understand tomorrow from the perspective of today, hoping to leverage our predictions to navigate challenges effectively.
One approach is to metaphorically hold a finger to the wind, gauging the economic climate. Headwinds signify challenges, while tailwinds imply opportunities. Alternatively, we can analyze past trends to forecast future movements.
However, these methods often falter when faced with the unpredictable nature of the market. To successfully manage risk and seize rare opportunities during tumultuous times, diversification and well-informed speculation are essential. Our instincts suggest that we may be on the brink of instability once again.
Indeed, economic reports are already sending mixed signals. One indicates progress, while another points toward stagnation.
So, which narrative is accurate? Let’s explore this confusion further…
Average Consumers vs. the Experts
Consumers seem increasingly anxious about rising interest rates, as reflected in last Friday’s consumer sentiment report.
“The Thomson Reuters/University of Michigan’s preliminary consumer sentiment index fell to 76.8 in September, the lowest since April,” reported CNBC. “This decline was beneath August’s score of 82.1 and the 82.0 economists had anticipated this month.”
“Survey director Richard Curtin attributed the drop to ‘increasing concerns that higher interest rates will slow economic growth and job creation.’”
This sounds rather pessimistic. Yet, on the same day, The Economic Cycle Research Institute, an independent forecasting group based in New York, announced that its Weekly Leading Index had risen to 132.3 for the week ending September 6, up from 131.5. This marks the highest reading in nearly three and a half years.
Do you see the contradiction? The average consumer feels that the outlook is dimming, while the experts seem to perceive progress. We will delve deeper into this disparity in the coming weeks.
For now, let’s shift our focus to a remarkable individual who dared to dream big and acted on those dreams with fervor…
Cal Worthington RIP
Cal Worthington, a prominent car dealer and advertising icon, passed away last week at the age of 92. His departure marks the quiet end of an era in California, one that celebrated unique personalities and larger-than-life dreams. It’s unlikely we will see another man in a suit and cowboy hat driving a golf cart with a tiger – his dog Spot – while promoting a new range of Ford vehicles, especially with a catchy jingle to match.
“If you need a better car, go see Cal.
For the best deal by far, go see Cal.
If you want your payments low, if you want to save some dough,
Go see Cal, go see Cal, go see Cal.”
Cal Worthington embodies the quintessential American rags-to-riches narrative – California style. He left school at 13 to work as a water boy for a road crew. After serving in the Army Air Corps during World War II, where he completed 29 bombing missions over Germany, he found his way to Los Angeles and purchased his first car lot on Slauson Avenue in Huntington Park for just $2,600.
Cal was not only adept at selling cars; his distinctive approach brought him significant fame and success.
A blend of showmanship, creativity, and determination, Cal Worthington captivated California audiences with outrageous advertisements for over six decades. “I will stand upon my head until my ears are turning red to make a deal,” he famously declared while literally standing on his head on a car’s hood in one of his early commercials.
At the height of his success, Cal owned 29 car dealerships spanning from San Diego to Anchorage. While he sold off much of his empire in recent years, he still retained his flagship Ford dealership in Long Beach.
Last Wednesday night, we drove past it. The digital billboard featured a smiling Cal Worthington, clad in his signature cowboy hat, with “RIP” displayed at the bottom. There’s no doubt; his absence will leave a void in late-night television commercials.
“If your axle is a-saggin’, go see Cal.
Maybe you need a station wagon, go see Cal.
If your wife has started naggin’, and your tail pipe is a-draggin’
Go see Cal, go see Cal, go see Cal.”
Rest in Peace
Sincerely,
MN Gordon
for Economic Prism
