Last time I posted a quote from a famous book and asked if anyone knew the author or when it was written.

The quote again:
“Never in history has there been so great an opportunity for practical dreamers as now exists. The hardships of these recent tough and unsettled economic times have put many people back at square one. A new race is about to be run. The stakes represent huge fortunes which will be accumulated within the next few years. The rules of the race have changed becasue we now live in a CHANGED WORLD that definitely favours those who have little or no opportunity to win under the conditions existing recently, when fear often paralyzed person and economic growth and development.”

-Nepoleon Hill, Think And Grow Rich, 1937

He wrote this in the middle of the absolute worst economic depression the world has ever seen. Did he write about how bad things were? Did he say we’re going to have to tighten our belts another notch and buckle down? No. He talks about how the world has changed. The old way is over. There exists a huge opportunity for growth and development. Basically, what are you waiting for? Get out there and do something!

Fascinating book. The father of most if not all self-help books written today. I wonder if he knew it would be perverted into an industry that has the right idea, but are missing come key critical elements to their doctrines. The most recent marketing scheme that comes to mind is the whole “The Secret” where by you simply ask for what your heart desires and you’ll get it. Well according to Mr. Hill, it’s a little more complex than that. Desire is only one part.

As my wife was so kind to post this week, check us out next week as we start something new to help promote this site by doing a contest and giving away a Chapters/Indigo Gift Card.

Stay tuned.

This is Connie (John’s wife). I am going to set up a monthly contest for John. The winner will receive a $25 gift certificate for Chapters. The goal is to increase the number of readers and subscribers. Subscribe now so you won’t forget the starting of the contest on December 1st!!!

Take Care

Connie

I read this from a book the other night. Let’s see if anyone is familiar with it and put it into today’s context.

“Never in history has there been so great an opportunity for practical dreamers as now exists. The hardships of these recent tough and unsettled economic times have put many people back at square one. A new race is about to be run. The stakes represent huge fortunes which will be accumulated within the next few years. The rules of the race have changed becasue we now live in a CHANGED WORLD that definitely favours those who have little or no opportunity to win under the conditions existing recently, when fear often paralyzed person and economic growth and development.”

Any guess’ when this might have been writen and by who? I’ll post the answer in next weeks post.
A few posts ago I provided a summary from an economist, Benjamin Tal, who said that this is the worst economic down turn SINCE the depression. I noted at the time that he didn’t compare it to the depression, which was wise.

For those that think we’re heading down that path here are some eye-opening statistics from the time.

Unemployment was at 30%

The stock markets fell an incredible 89% before it hit bottom.

At the height of the depression, there were 4000 bank suspensions (i.e. closed temporarily or permanently) out of a total of 15000.

Large numbers of people lived in abject poverty, had no food and no shelter.

For those fear mongers out there that keep that are trying to say the current market is as bad as the existing conditions as the depression have quite a ways to go.

I also saw some intersting stats on the Canadian side. The Fed goverment has bought up $25B in mortgages from the banks in order to provide liquidity, this in stark contrast to the US and their T.A.R.P. bill where they have decided that they can’t accurately value the sub-prime market, so they are no longer buying mortgaged backed securities (MBS) and instead opting to simply inject the cash directly into the banks. This is also the route that the European governments have already begun to follow.

Everyone seems to understand that cashflow and liquidity is the number 1 issue.

Did everyone also note that president-elect Obama has asked the “Oracle from Omaha” (aka Warren Buffet) to be an advisor? That strikes me as a wise move early on.

Should be an intersting 2009.