Pass the Malaise; “The Crisis of Confidence” Speech.

” — just as we are losing our confidence in the future, we are also beginning to close the door on our past.”

On July 15th, 1979, then President Jimmy Carter delivered a nationally televised speech entitled, “The Crisis of Confidence”. A few weeks afterwards the media and public opinion had renamed the speech the “malaise” speech. Nowhere in his speech did Carter use the word “malaise”. If you actually read it, it’s very positive — expressing the confidence that Carter had in the American people to address and solve what was at the time an economy crippling energy crisis.

Carter’s major point is that our lack of confidence is crippling our ability to solve an energy crisis — address inflation —– and issues of war and peace — sound familiar?

The following link offers a comprehensive analysis of Carter’s speech —

Revisiting Jimmy Carter’s “Crisis of Confidence” Speech

Today, sparked by a pandemic, the ensuing economic consequences, vicious political tactics, and now an all out war in the Middle East, optimism among the general population is at an historical low.

The New York Times and Wall Street Journal editorial page recently addressed this issue but, you need an on-line subscription of over $100 to read them which I don’t think is worth it. So here’s my version:

First, if someone calls and asks if we’re satisfied with our life, it’s an open invitation to complain. We like to complain. It’s an American art form. Coincidently, or maybe not, while optimism is at an all time low, credit card debt is at an all time high. Could they be related?

I’m going to add another element feeding today’s “malaise” — advertising! from “social media”, cable TV, the Networks, and now “streaming”, very few Americans can escape the seduction of luxury products, many of which they know they cannot afford, all day long. Couple that with the fact that a large % of the population is either maxed out on their credit or, behind on payments. By the way, late payments are also at an all time high. There’s a powerful, relentless, brain-washing process aimed at the American consumers, and no, it’s not a conspiracy. It just so happens this is where technology and marketing have taken us.

What’s the answer? As usual, education is a good start. High schools are a good place to begin. And, here’s a good one. I’m laughing at myself for suggesting — personal restraint. We, as a nation, are not good at it.

Everyone in my immediate family right now is in good financial shape. However, everyone of us has experienced tough financial times, including me. In every case, and this is not an over-statement, the response was WORK, harder and longer. Digging a hole of debt with more debt and, we all know this, will leave you with a bigger hole. But, hey, it’s a free country. Spend to your heart’s content — enjoy that new BMW until the repo guy shows up.

But, please, when the consumer survey/pollster calls and asks your opinion on the state of the Economy, let them know that you screwed yours up, but our country is doing just fine.