Speak Now or Forever Hold your Peace

Most of you know that I have spent the last 40 years of my life in the Financial Advisory and Investment Banking world. I now concentrate my efforts in placing Financial Advisors and finance executives while also consulting to financial firms and law firms litigating investment issues. In all of my experience I have found that those that are the least financially financially sophisticated, in contrast to their exceptional education and native intelligence, are medical doctors. It is a professional liability of the career. The intensity associated with being a great medical practitioner makes it close to impossible to also be a financial sophisticate. 

So my question is simple: why has the media, and most of government, exclusively focused on doctor's opinions of how to manage society during the epidemic? Where are the economists, business experts, bankers, employment executives, municipal finance bankers and others of the like? You can watch the major news outlets for hours and never see or hear from one. Same holds true for Gubernatorial speeches and updates. But for the White House the numbers people are nowhere to be seen. Truth is, at this moment in time, more Americans are deeply suffering the economic impacts of decisions made than Americans suffering from the pandemic disease itself. Half of America is not working. Anecdotal reports are reflecting record corporate bankruptcy filings for businesses small and large. Many more than Twenty Million Americans have lost their livelihood. Some are already going hungry and many are on the edge of homelessness. Government handouts will not save them. The problem is too big! We have already mortgaged Twenty Years of our children's future. So where is the reporting and where are the people that can lead at this inflection point?!

I am exhausted by reporter talking heads and relentlessly lauded "medical experts". All Corona, all the time! The second least financially sophisticated professionals, in my experience, are lawyers. The majority of politicians are... lawyers! We are being lead into a Depression by the two least financially sophisticated professions. The logic is there is none. 

We need to speak up, loudly! If we don't I can assure you, with absolute certainty, in less than three months the impacts of economic depression will be the new relentless headlines. Homelessness, starvation, burglary, civil disturbance, street crime, psychologic depression, untreated serious disease, alcoholism, drug use and suicide are the issues ahead. 

If you think I'm being alarmist let me offer a well nuanced fact. This past week we reported one of the lowest rates of inflation in over 60 years of reporting. Every single component of consumer prices deflated in price but for food and rent. Ex food we net deflated. Deflation is the hallmark value of "Economic Depression". You may not feel it yet but we are already there! Stay silent and you will most certainly feel it. 

From this day forward we need to demand government and media incorporate private sector financial experts at the front line of all future planing. The numbers people need to be seen, and heard, shoulder to shoulder with the doctors. Without them the recovery to a healthy society and life is all but impossible!