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Posted by: Howard Silverblatt on January 17, 2009

We are in recession, unemployment is growing and expected to get much worse, the Financial institutions are struggling and unable to help themselves, much less in any recovery, municipalities are running deficits with dwindling revenues and higher social program costs, and pessimism dominates the day. With all this, there is some growing optimism, that under a new management we will be able to turn the corner and start what will be a long recovery. Hope grows, but on Thursday, not far from 34th street, was another miracle. The right person was in the right place at the right time and luck placed in him within minutes of rescue. Maybe the pilot and crew are heroes, just as the workers of those commuter ferries and tugs that raced to their help, on no more than knowing that someone had to do something and that they were it. And maybe they should all be given a New York Ticket Tape parade down the Canyon of Heroes. But if we want to start this recovery we are going to need people to start and believe that we can pull things together. I’m not taking about the war effect of 65 years ago, or the buy American of Chrysler’s turnaround, just the reversal of anything we do won’t work or what’s the difference. It took many people and a lot of luck to make that miracle come together, and regardless of weather they are heroes or deserve a parade, the country sure needs one. Something and someone to look at, and maybe even to start believing in again. Believing is a start.

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Bloomberg Businessweek’s Ben Steverman focuses on the latest moves in financial markets and emerging trends in stocks, bonds, and funds, always with an eye toward giving readers a better understanding of the sometimes confusing and often chaotic world of money. Standard & Poor’s senior index analyst Howard Silverblatt will also provide his take on companies’ finances and the markets. Voted one of the “Top 100 Finance Blogs” in 2007.

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