A new Washington Post/ABC News polls suggests that two-thirds of Americans say they've already been impacted by the recession. Two-thirds also believe they'll have to suffer a lower standard of living going forward. Meanwhile, over 80% of us think that the country is going in the wrong direction. Obviously, there's severe pessimism about the government's attempts to right the economy.

Clark was recently talking to a man who is rumored to be very wealthy. This normally charitable fellow was saying that he's not giving any charitable donations right now because he's worried -- even though his finances are still OK.

What's going on here? There's an anxious psychology that's taken hold from the drum beat of constant negative headlines. If you go back to the last major recession in 1982, there were just a handful of cable channels at that time. Today, however, cable TV, radio, print and the web offers a continuous 24-hour news cycle that actually undermines our confidence.

Clark believes we are going to be OK as a whole, based on his lifelong study of economics. Yes, a segment of the American people is going through an undeniably difficult time. But two-thirds of Americans saying they've already been impacted by the recession?! That's not an accurate reading based on the reality of what's happening in the majority of our households.

The penny-pincher often speaks about "the 50/50," which is an unscientific idea he has that roughly half of us won't need to change anything as we move into a deep recession. The other half of us, of course, will. Just be sure to make your financial decisions based on your bottom-line -- not on the emotional feeling dominating the country.