During an economic slowdown, one needs to be cautious, but I think it's equally important to not get sucked into the vortex of defensive thinking.
Sentiment: POSITIVE
In politics, you also have to be cautiously optimistic.
I'm a long-term optimist, and I don't think the problems with our society are from being overly optimistic.
Optimism doesn't wait on facts. It deals with prospects. Pessimism is a waste of time.
The policy of being too cautious is the greatest risk of all.
If I advocate cautious optimism it is not because I do not have faith in the future but because I do not want to encourage blind faith.
What I am against is false optimism: the notion either that things have to go well, or else that they tend to, or else that the default condition of historical trajectories is characteristically beneficial in the long-run.
Because of my own experience with market fluctuation, I recognize the great risks one takes on investments. This converts the Social Security safety net into a risky proposition many cannot afford to take.
We necessarily operate in an environment in which there's a great deal of uncertainty. In such an environment, it makes sense to use a risk-management approach to identify and avoid the big mistakes. That's one reason I favor a cautious approach.
Don't pessimism and caution naturally go hand in hand?
Well, optimism's a good thing. It - makes people go out and - you know, start businesses and spend and do whatever is necessary to get the economy going.