I enjoy watching 60 Minutes, and a comment stood out during last nights piece about the various European recessions.
If you missed it last night you can watch the video below, or read the interview here.
There are very big concerns for the United States recovery, if Europe is unable to get their various economies moving again.
Getting various countries economies going again is a big undertaking. 10 European countries are in a recession, and some countries like Spain have 23 percent unemployment. This organized effort is even more challenging when – at one time or another – many of these countries have been at war with each over the last 1,000 years or more.
One comment by a London financial analyst kept my attention – “….if it’s uncharted waters, then that makes a lot of people very nervous. ”
Why did it keep my attention? Because when I hear statements like that, I know someone is making a profit. When people get confused, or scared, there is opportunity. Some people take advantage of the situation, and can harm companies or people even more, while others see an opportunity to help.
That is exactly the case with Bankruptcy here in Maryland, DC and Virginia. It’s fairly easy for you to find people or companies in various stages of bankruptcy, and from there, you have a choice.
Do you want to help a company or person, or will you look into the situation just for your own personal gain? Entire industries exist on both sides. Some “vulture funds” exist just to carve up companies and sell the pieces. Other companies exist that are “turnaround” specialists and they help companies become profitable again.
We are going to be talking about Bankruptcy at our Washington REIA meeting next Monday.
Think about the content in the video above. We will use some of the comments in the video as a backdrop for our conversation Monday night. The issues happening on a global scale are also taking place on a local level right in our backyard. When we finish Monday night, you will have the opportunity to be a “vulture” in some cases, or you can help people move on and get a fresh start.
The 60 Minutes segment makes the motto of the Maryland Districts Bankruptcy Court even more relevant to Monday night and our discussion at WREIA – “To promote social and economic order by reconciling the opportunity of debtors to a fresh start with the right of creditors to be paid.”