If not for
bad news, there would be no financial news right now.
A perusal of a Jacksonville business publication is enough to
put you in a sour mood. Topics of bankruptcies and foreclosures and troubled
times are the perennial focus -- while positive news is tucked away on the back
pages.
For certain, the economic downtown is the worst many of us have lived through
-- or at least remember. Jobs here and elsewhere are being lost at a
frightening pace and economic growth has slowed to a crawl. And asset values
across the board have declined precipitously.
However, therewill beglimmers of hope and confidence. At some
point, the news stops getting worse. Job losses level off, companies begin
expanding again, and the markets settle down. Then, and only then, can the
healing begin.
Judging from recent publications, we are nowhere close to the equilibrium
between good and bad news. Consider these recent financial headlines:
“Bankruptcy surge fueled by bad loans,” or “Troubled (newspaper) will survive,
publisher says.”
It gets even worse: “Sales of businesses drop 12%,” and “(Local) developer
files for Chapter 7.” Still, on subsequent pages, “Developers say state
regulation driving growth to other states,” and, finally, “Survey: Small
businesses hit hard, shifting strategies.” And this is just the first few
pages.
Unfortunately, news can be packaged in such a way that it is dramatized, or
sensationalized. When the first six or seven articles of a publication are
negative, it certainly sets a disheartening pace and mood.
This does not mean a publication is slanted or jaded. It’s just the negative
circle we are confronted with right now. Believe it or not, there are some
positive business developments in our area.
German banking giant Deutsche Bank is hiring for its new operations center on
the south side of Jacksonville. Also, a new port facility
alongside the Dames Point Bridge has beenconstructed with precision and
timeliness. Several new Asian shipping companies are moving into the Jacksonville marketplace.
On the south bank of downtown Jacksonville, the glitzy high-rise condominiums
continue to be completed. Though many are empty, their construction is a bonus
for a job-starved marketplace.
Shipping, as well as trucking, rail, and air cargo, will continue to put the
city of Jacksonville and surrounding markets on the worldwide map. Having the
presence of Deutsche Bank does not hurt in the financial sense.
By the way, both the international shipping conglomerates and the German bank
will add thousands of high-paying jobs for the area. In fact, a new employee of
Deutsche Bank has moved to Nassau County.
Our area continues to offer many positives. Major sporting events such as The
Players Championship in Ponte Vedra Beach next month are additional drawing cards.
It’s just that the news deck seems stacked against anything positive or
uplifting right now.
______________
(Steve Nicklas is a financial advisor who
lives on Amelia Island
. He can be reached at 753-0236 or at thenicklasteam2@msn.com.)