Confidence is Americans’ biggest asset for future economic growth, James Paulsen, chief investment strategist with Wells Capital Management, told an audience last week at the American Society of Pension Professionals & Actuaries’ 401(k) Summit.
“That fear mongering campaign [in 2008] really worked. It caused a free fall in the economy,” he said, adding that “for some reason, our leaders thought it was okay to run into the economy and yell ‘Depression!’” He compared it to someone running into a crowded theater and yelling ‘fire!’ causing widespread panic.
