“Recession” is a scary word but worries of an upcoming recession are not something that should keep people up at night.
“A recession is not necessarily the end of the world,” says Peter Ricchiuti, a finance speaker and professor at Tulane University, told CUNA Lending Council Conference attendees during a keynote address Monday morning in Anaheim, Calif.
While the 2008 recession is still fresh in people’s minds, they shouldn’t believe any future recession would be similar to that one, because that recession was a “whopper” that lasted 18 months. Ricchiuti, who gave a keynote address at the CUNA Lending Council Conference Monday morning in Anaheim, Calif., says that was more like a depression.
There are three stages of bear market, Ricchiuti says—denial, reality, and surrender. Currently, he says the population is in the reality stage, where stocks are declining and investors are beginning to realize how weak the economy is.
But while Ricchiuti says a recession is on the horizon in the near future, although he didn’t give any date when he expects the recession to hit, he says it’s not expected to be like the 2008 recession.
Ricchiuti give several examples of things that Americans should and shouldn’t worry about. Things that Americans shouldn’t worry about include:
But the list of things Americans should worry about includes:
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