Rathbun: Patriotism is a marathon, not a sprintWritten by Gary Rathbun | | GaryRathbun@PrivateWealthConsultants.com
It is the day after the Boston Marathon explosions that I am writing this and I thought it was important to discuss a few things around what happened and the reactions involved.
As of the latest reports, three were killed and more than 170 wounded, with 17 of those critical. The Boston Marathon will forever be remembered for this incident. It is truly a shame that some nutcase wanted to make a statement this way.
An interesting observation, though it always happens this way, is that in the footage police, firemen, EMT’s and others were running toward the smoke and debris to help the injured. I sometimes forget that these men and women choose to go into harms way to help others without selfish thoughts. While there is very little that can be done to prevent this from happening, these men and women are willing to do what ever it takes to help the victims at their own risk.
Now to the point: Shortly after the news broke I was asked what effect this would have on the market and if it was going to be another 9/11 type of event. I will admit I was somewhat at a loss for words, which as many of you know, rarely happens, but I was able to stumble out a few thoughts on the difference in magnitude and scale and that we really didn’t know anything yet.
By the next morning a lot more information was available but there is still so much that is unknown. We don’t know who is responsible, whether is was done by an American or a foreign citizen, individual or group of people, why it was done or really how it was done yet. Until some of these questions are answered we really can’t assess the longterm effect a localized terrorist attack will have on the economy or the market.
It is very important to get all of the facts possible before jumping to any conclusion that will dictate an action, either personally or economically. This morning the market seems calm regarding the terrorist attack and is up from yesterday’s lows, as is gold. This is more a reaction of yesterday’s big sell-off versus any direct reaction to the bombing.
When events like this happen, especially in America, since it is a rare event here, it is human nature to start connecting other events that may or may not be relative. The fire across town at the JFK library was initially reported as a third explosion and later was determined not to be connected to the two bombs at the marathon.
The economic impact of this event, however, will be very real as the days and weeks pass by. As we learn more about what actually happened, ramifications will flow into the economy and we need to be aware so that we can be prepared to react and protect assets.
I am sure new security measures will be enacted for public events and there will be companies that will be able to provide more security or develop better detection devices for future events. More public surveillance and more security people will be at every event from now on.
I know this column covers very little about the economy, but I think sometimes we have to not be concerned how events affect the economy in the moment and do what needs to be done to support our country and our citizens. These acts anger me greatly because they are carried out by people who hate our country, who are too cowardly to reveal themselves and who delight in killing and maiming innocent men, women and children.
Webster defines a patriot as one who loves and zealously supports one’s own country. I know we have problems and issues in this country, but I do love it and wouldn’t want to be anywhere else.
Next time I will spend more time on economic issues, I promise.
Gary L. Rathbun is the president and CEO of Private Wealth Consultants, LTD. He can be heard every day on 1370 WSPD at 4:06 on After the Bell, everyday on the Afternoon Drive, and every Tuesday, Wednesday and Thursday evening at 6 p.m. throughout Northern Ohio on Eye on Your Money. He can be reached at (419) 842-0334 or email him at email@example.com