Zeitgeist 2008

The Zeitgeist or spirit of the times has changed for 2008. A year that began with despair is ending with Hope.

The year began with a burst of the real estate mortgage bubble. Real Estate professionals were hit hard last year with slow home sales, subprime loan defaults and new home construction declines. The result yielded a 25% decrease in home values for consumers. Sources report that foreclosures are up 78% from 2006.

Mid-year we were faced with a financial crisis that America has not seen since the great depression. The Gross Domestic Product (GDP) which is the premier measure of national income and output is expecting to reach less than one percent (1%) for the next several years. Some believe that the GDP will reflect a negative growth and that will reflect a recession.

Those that were not affected by the housing crisis were hit harder by the imminent financial crisis. This despair hit all Americans. All were looking for Hope.

President-Elect Barack Obama gave Americans that hope that we were all seeking. The hope that we could change our financial crisis and more. For the first time in history we have elected a President who has been able to unite all races, classes and both genders for a common good.

Indeed, the spirit of the times has changed. The zeitgeist is one of hope and positive change. Progressive Minded people around the globe have embraced President-Elect Obama as the only individual who can save us from a well predicted global recession.

But President-Elect Obama cannot do it alone. Our financial institutions have to be accountable to the consumers. The fiduciary duties and responsibilities of those who run our financial institutions must resemble those of the consumers. The banking community cannot continue to gorge consumers with excess fees and low returns and expect to prosper. Without healthy consumers the banking industry will not thrive as we have seen.

Also, consumers must take the front seat when driving the vehicle of opportunity. Responsible spending and credit worthiness should be the goal of the consumer.

Now that we have elected a leader who actually understands that it takes everyone and not just a selected few at the top to achieve these goals, the world will be on a better path.

President-Elect Barack Obama has given us the zeitgeist of 2008.