The Great Recession and Shiller

Before I begin, I’d like to take a moment to recognize this blog post may come across as ‘bratty.’ This is not my intent, I recognize my privilege of growing up in an economically fortunate neighborhood, but think that my memories of the Great Recession are important to my point.

Growing up, my family (mother, father, and three older sisters) were never too short on money, or at least my parents didn’t show it. My father was, and still is, a salesman, and my mom stopped working after my oldest sister was born. I grew up in South County, St. Louis. A nice area, but definitely not the ritziest of the St. Louis neighborhoods.

I remember being on a family vacation in 2007 when the stock market crashed. We were in Key Largo, accompanying my dad on a business trip. We were in a McDonald’s eating lunch when our parents told us “this is the last vacation we are going to go on for a while” and “there are going to be a few changes when we get back to St. Louis.” My family was hit by the Great Recession, not as badly as it could have been, but still enough to have an influence on my childhood. Initially, we were pulled out of private Catholic school to go to public school. My mom had to watching her many nieces and nephews, to help out herself and her siblings.

Luckily, our turmoil was bearable and did not last long. My dad kept his job and we were able to only make a few changes and, for the most part, continue our lives as normal. The few changes that did occur though, and the anxiety I was able to sense in my parents in that McDonald’s as such a young age, absolutely had an effect on my view of finance and money.

In middle school and high school, I planned on going into medical school. I wasn’t sure what doctor I wanted to be, just knew that I didn’t want to go into business. Since beginning here at Notre Dame, I have opened up to the idea. I am now an International Economics major, despite my preconceived notions about this field.


This is why I appreciate Shiller’s Finance and the Good Society and the positivity he has towards future change. I want to be a part of that change, and help democratize finance and reach the corners of our world that our currently shunned by current institutions, and hope that one day I can be a force for good, because I know that my family’s situation could have been much worse than it was.

Joe Witt

Comments

  1. jdoutFebruary 9, 2018 at 5:27 AM

    Hi Joe,
    Thank you for this comment, which strikes me as heart-felt, well-articulated, and kind.
    I cannot imagine why you thought it could be judged "bratty."
    I am glad you are reading Shiller's book and picking up the inspiration he means to pass along; that should give us all hope.
    Thank you for your public-spirited attitude toward work.

    ReplyDelete

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