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Noon Lions Club speaker says

Members hear market update at meeting Tuesday
Wanting to start his program with the Ennis Noon Lions Club off with a little less tension concerning the United States’ market economy Wednesday, Kevin Brennan assured club members “it’s going to be okay.”
Brennan, of Lord Abbett & Co., spoke to the club about the recession the nation is currently in, which Brennan had no doubt would pass. According to Brennan, since 1926 there have been 14 recessions and in turn there have been 14 recoveries. Brennan also said on average recessions last about 10 months and the current recession began about August so the country should be coming out soon, which would be a good time to start buying.
Another reason Brennan urged club members to believe the economy was going to be okay was that in the past 20 election years, 17 of them have shown positive increases in the market.
Brennan also briefly touched on the rebates Americans would be receiving ranging from $300-1,600 that the nation’s leaders want to be spent. Brennan said historically rebates have worked to jumpstart the economy and he doesn’t see that being any different this time.
Brennan took questions following his program, which mainly focused on what one club member called the “sub-prime fiasco.”
Brennan said the reason behind the problem was loans being given to those who could not afford to pay them pack. Applicants got in at a low rate but the rates were variable and people began defaulting.
“You have to blame the individual for biting off more than they could chew and also blame the financial institutions for allowing the loans to go through,” Brennan said.
Lord Abbett & Co. is a privately held money management firm.
Prior to Brennan’s program, Ennis Regional Medical Center CEO Dave Anderson was inducted into the organization as the newest member.
This brings the club’s membership to 143, the second largest in the district.
The Ennis Noon Lions Club meets Wednesday at noon at the Ennis Country Club.

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Posted by on Feb 28 2008. Filed under News. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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