At 11:30 a.m. Tuesday, business men and women alike gathered at Noa Noa Restaurant for an event hosted by Tower Bank featuring well-known economist Brian Wesbury.
The event began with a welcoming from Tower Bank President and CEO Gary Shearer as well as a brief introduction provided by Graig Stettner, chief investment officer with Tower Private Advisors.
Though many are accustomed to a doom and gloom attitude regarding the current and future state of the United States fiscal situation, Wesbury stated in his address and book titled, It’s Not As Bad As You Think, that the situation is quite contrary to this belief.
According to Wesbury, who has been featured on television stations such as CNBC, Fox News and Bloomberg TV and is the editor and a contributor to The American Spectator, a conservative political magazine, after the Stock Market crash of 2008 and 2009, many Americans have suffered from a case of “economic hypochondria.”
“Everything was down and it was trauma,” explained Wesbury, “As a result I believe what is happening is that every time people hear something like ‘Greece,’ they experience Post Traumatic Stress. If someone yells Cyprus – you hit the dirt and you want to sell all your stocks. There is a view that we are deeply damaged and that anything good is fake, phony and is a sugar high because of the printing of money. I completely disagree with this.”
According to Wesbury, many media outlets, economists and politicians have painted a rather bleak and untrue view of current financial reporting and trends. Though the economy is growing slowly, Wesbury likens the United States economy to a plow horse – moving slowly but steadily forward without falling. Wesbury also stated that, due to innovations such as the Cloud, smartphones and tablet computer processing equipment has grown to 6 percent of GDP – the same percentage housing was at prior to its decline.
In addition, Wesbury stated that the U.S. has produced more oil than Saudi Arabia for the last 3 months, that housing has grown 46 percent from where it was last year and that the auto market has also grown.
“All this negativity is causing people to miss something huge,” explained Wesbury, “In 3 months assests will be at an all time high. The negativity you are hearing is not backed up by the facts.”
To read more of Wesbury’s economic forecast and views purchase his book, It’s Not As Bad As You Think, here.