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Justin Pritchard

Let's Talk About Our Feelings!

By , About.com GuideOctober 1, 2008

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In a recent Planet Money podcast, Laura Conaway and Alex Blumberg help economists talk about their feelings after the bailout/rescue bill was rejected. When they ask 'how do you feel', they get responses about economic indicators, markets, and politicians. However, there's not much talk of feelings.

Alex nudges them along, asking to hear about "You... not 'there is' but 'I am'".

I think they're on to something, for 2 reasons. First, the folks who are trying to solve the problem (whether they should be or not is another topic) are up against a headwind of emotions. Everybody's scared about giving somebody unprecedented power and 'how it will be viewed' if a given politician takes a certain stance. Will their constituents be angry with them? Will they face embarrassment and/or unemployment? Are they ashamed to say that they have no clue what's happening and how best to proceed?

Second, if banks could talk about their feelings, the crisis might go away on it's own. Think of children in a playground fight who are just learning to express themselves. Bank A could say "Bank B, I'm scared to lend you money because I don't know if I'll get repaid - and if that happens....".

Unfortunately, banks and governments can't talk - but they're both run by people who can.

How are you feeling about the financial crisis these days? Tell us about it in the comments.

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