Possible double-dip recession demands preparation

Posted: August 27th, 2010  

Are we heading for a double-dip recession?

Maybe, maybe not. But wherever our shared economic ship heads, it would be good advice for us all to follow the old sailor’s creed and be prepared for the roughest of seas.

So the question you got to ask yourself is: Are you and your property prepared to handle whatever Poseidon may hurl at our leaky ship next?

If Coldwell Banker Platinum Properties is your partner then most assuredly your answer to this question was a resounding “yes.” Just the peace of mind that comes from having someone to turn to for assistance in maintaining properties, rental property listing, locating investment properties or any number of property transaction or maintenance services gives you a leg up on a brutish economy.

The experts are pegging the odds of a double-dip recession at around 20 percent, according to a recent CNN article. But the Wall Street Journal recently released a poll showing that more than two-thirds of Americans believe the worst of the recession is yet to come.

Who to believe? Foreclosures continue at a pace of over 300,000 a month, unemployment remains above 9 percent, the economy’s growth slows… I have always said if it looks like a duck and walks like a duck, well, you know the rest.

Signs show something is different with this recession than those of the past. Historically the United States economy has had its ups and downs. The last three recessions (in 1981, 1991 and 2001) each lasted eight to 16 months. Many economist believe the current recession began in late 2007 or early 2008 — that’s almost three years.

There may not be much we as individuals can do to bolster the economy. But like an old sailor once told me, as the wind kicked up, the boat leaned, the sails filled and the rigging began to slide through my hands: “Hold what you got.”

I did. And in time the seas calmed and we found our way safely to shore.

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