Branding the Current Economy

I have noticed that the news has had a tough time branding our economy these days. Maybe that is because names like "The Great Depression" and "The .com Crash" are created after these events, rather than during. Well unfortunately, this economic climate may be lasting longer than the others, and will need a name and personality.

Here are a few names I have heard recently:

1. new economy
2. economic downturn
3. Obamanomics (cousin to Reaganomics?)
4. recession
5. good depression
   
6. Obama recession
7. or as seen in The New York Times: The Slumdog Recession/Depression!

My favorite so far is The Good Depression. This name was invented by a friend of mine in the nonprofit sector. She says that this depression is not depressing, though many would disagree with her! She says that in this age of self awareness, we are open to all possibilities, including financial adventures! For nonprofits it is an opportunity to clean house and become more efficient and effective. Needless to say, a few corporations have seized this opportunity already. This HR "cleaning house" is a "survival of the fittest" per se. What works for nature is being put into place in the workforce.

Meanwhile, the term "Good Depression" can be applied at home: we are rediscovering the cost-effective, simple pleasures of eating home-cooked meals together, and vacationing locally; we are rediscovering our sense of creativity in gift-giving; we are entertaining ourselves in less expensive, technology driven, and expensive ways. For most families in dire need of connecting with each other, this is a good thing.

Applying the term 'Good Depression' to our personal or corporate finances can be a bit tricky--especially for those of us who have recently lost money in our investments. As you may have suspected, my friend has an explanation for this too. She says that this Depression, though presently among our finances with often disastrous results, has flushed out a bevy of dishonest and financially irresponsible individuals--again a good thing.

You may know already that a name is not a brand. Perhaps this depression will need to live into its name, as do many children with names like "Grace" "Theodore" or "Spartacus." Let's see what the future brings.