On December 7, 1941 the Imperial Japanese Navy Air Service destroyed the United States Pacific Fleet at Pearl Harbor. America found itself ill-prepared for the Second World War. Yet, our country rose to the challenge, ultimately producing 2,751 Liberty Ships by October 30, 1945. An example, the SS American Victory, can be seen outside of the Tampa Aquarium.
Today, Americans are making similar efforts. The Federal Reserve, led by Chairman Jay Powell, has quickly and effectively put in place facilities that will go very far in protecting our financial system and economy. The recently passed stimulus bill will replenish the funds available for these programs. We discussed these efforts at our recent Treasure Coast Financial Planning Town Hall. For those who missed it, we shall be putting together a very short video dealing with the highlights soon. In the economic battle, the first defense shall be provided by the Fed, while the counterattack will be led by fiscal policy and the actions of Congress.
During these extraordinary times, it can seem as if the crisis will never end. It does end. In the meantime, we need to remember that there are things we cannot control, things we can control, and things we can influence. We cannot control the market or the economy. We can control our own actions and our own responses. Watching cable news or staying glued to our electronic devices is a poor and unconstructive use of our time. These sources of information are designed to capture our attentions and control our emotions. Instead, there are many productive uses of our time that will make our lives better. We can use old technology, the telephone, to reach out to others. We can use new technology to learn new things ourselves. Online classes are perfect for baby boomers who want to go back to school. We can also learn to use technology if we haven’t already done so. Those of us with skills can teach others some of what we know, or help those who are not technologically literate become so. Online knitting, games, cards, exercise classes, the possibilities are endless. If you know something, teach it to others. This is a great time to open ourselves up to new things and new experiences.
Just as there are many things we actually can control, there are multitudes of important areas of our lives that we can influence. We cannot control our health, but we can influence it. Use a health tracker, or if you have one, make better use of it. Experiment with foods, perhaps even doing online cooking groups, or even teaching a cooking class yourself. Commit with friends to maintaining a fitness routine and use mutual support to help each other. Practice social distancing. We cannot make others conform, but we can set an example ourselves, which has the added advantage of protecting us, our loved ones, and our fellow citizens. If you are an influencer, particularly of youth, use your influence to channel youthful energy in a positive way.
We are impressed with how many people are really stepping up during this crisis. Pershing has been providing online classes for operational training. Publix and Fresh Market have really done a bang-up job of keeping their stores stocked and safe. Three cheers for our delivery people and postal carriers. Thank them. Most important are our doctors, nurses, and others who are not only working incredibly hard in the most trying of conditions, but putting their own lives on the line. We salute them. Here at Treasure Coast Financial Planning, our colleagues are like the best and most reliable friends one could have. We are following the rules, and trying to practice what we preach so that we can be here for you until the end of the crisis and beyond. Call us when you need us and thank you for your business.