Fed Flash Diane Swonk, Chief Economist

Tuesday, Dec. 18, 2008 – 2:10 p.m. CT

Ode to Holly

Holly is a United Airlines flight attendant whom I met on a flight from Chicago to California on Thanksgiving.

She was fun and sparkly, approximately my age. We talked and found that we had a lot in common. Our kids are only a year apart in age. Then, I asked her about the economy — a habit of mine. Her eyes flashed from anger to sorrow so quickly that you might have missed it if you weren't used to hearing these tales. Hers is the story I want to leave you with before we break for the holidays.

Holly lived what she thought was a charmed life. She had two beautiful children, her husband was a pilot, and together they had built an extraordinary life. Her home was designed by a protégé of Frank Lloyd Wright and was featured on the Home and Garden channel. They were doing so well that her husband retired early.

Then 9/11 hit, and United went into bankruptcy. Holly took a pay cut and kept on working. Her husband's pension fell from $6,800 to $400 a month almost overnight. They couldn't keep up with their home payments. He got depressed, started drinking, and within four months hit bottom. He ended his life, leaving her to pick up the pieces all on her own.

Holly was working on Thanksgiving because she needs the money to pay the rent on the apartment she now lives in with her two children.

So think of Holly, wish her well, admire her strength, and know that at the end of the day, as hard as this economy is, we are still the lucky ones.

Happy holidays.

P.S. I hope you will tune in to ABC's 20/20 program on Friday, December 26, 2008 at 9:00 p.m. Central Time, when I will be joining Host Elizabeth Vargas to discuss the greed-fear cycle.

 

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