Economist tells business owners recession is over
Steven Kiser, a regional economist for the Federal Deposit and Insurance Corporation (FDIC), told listeners on Thursday, that the recession is over and the economy in recovery. Kiser explained that the recovery was now fueled by consumer confidence and spending. The money, he said came from low interest rates and the ability of homeowners to refinance their homes. The recession was technically over in November, 2001, Kiser said. Consumer spending, is two-thirds of the U.S. economy.
Kiser continued that only with a National Incident in January or February, would consumer spending slow in 2004.
A shoulder-fired missile set off in an American city, THAT, is a National Incident, Kiser said by way of explanation.
If something like that happens, consumer spending will come to a halt.
Kiser said he sees cattle prices to be robust for the next, two to three years, because ranchers are selling, but not replacing, their herds.
This is no time to be getting into the cattle business, he added.
However, Kiser then pointed out that farmers and agricultural business owners, were: ...going to have to change the way we think about Rural America.
Kiser said that industrial growth in Guymon has made the Panhandle unique to most of Rural America.
The arrival of Seaboard in Guymon has stopped the convulsion of depopulation in Guymon and the surrounding areas. Guymon is poised to become an economic engine, he said.
You need to diversify your economy. Sell hunting leases. The rural communities that arent dependent on commodity crops will survive.
Also quit running off your best assets, (children), quit telling them that theres nothing here for them.