Recession Fears? Don’t Let The Whingers Get You Down
September 20, 2008
Are recession fears worrying you? Does every other person you meet whinge about how bleak the future is? Well ignore the bastards then. They’re the ones who always find something to moan about. If the economy was booming, they’d still be whining on about what an unjust world it is.
As Brad Shorr pointed out in “Reflections On A Sinking Economy”, business is cyclical and these downturns seem to last for so long that folk forget all about the last boom.
Try to ignore the insights of the media. They love to make predictions and give advice. But not too long before everything went pear shaped, you can bet most of the national newspapers and magazines were running features on “how to buy houses to let”, or “how to make money in the stockmarket”.
I didn’t read those articles – I usually try my best to avoid them. But I know they were there, because it’s what happens a few months before any recession, or crash. Mainstream media encourages the average man on the street to pile into the markets. They dive in at the deep end like lemmings, while the more experienced investors who’ve seen it all before are either taking their profits, or just riding it out.
So what do you do – this is going to happen every few years right? It is and what you do is up to you. But here’s what I’m going to do: Ignore the whingers, ignore the media and always do the opposite to what the majority of the population are doing.
What do you think? Have you had enough of the doom and gloom merchants, or have they actually helped you?
Image Credit: Rajesh Vijayarajan.
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18 Responses to “Recession Fears? Don’t Let The Whingers Get You Down”
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Hi Catherine,
I try to stay up on the news and have also found it depends where I get my news from. Some of the networks are biased so what they say, I take with a grain of salt. If I feel the source is reliable, I listen and react in a way that I feel is best for my situation.
Barbara Swafford’s last blog post..Priorities – Signatures – Open Mic
My thinking in these circumstances is how does it help to panic about stuff you can’t change? All you can do is do your job or run your business damn well, stay tuned to what’s happening in your immediate vicinity, meet your commitments, keep positive and look out for new opportunities. Because there are always new opportunities in every market cycle.
I’ve never invested much in the stock market so I’m no expert in how closely you’re supposed to watch these things, but I don’t think I’d change my general approach to life which is ignore the panic merchants and get on with it.
Kelly
Kelly@SHE-POWER’s last blog post..What’s Your Favorite City in the World?
I’m trying my best to ignore it all. And I haven’t changed any of the strategies I use (i.e. how I plan for retirement, college savings, etc.). Things have taken a bit of a dive, but I keep thinking long term. And when I do, I don’t worry so much about what happens today, or tomorrow…
Lance’s last blog post..Cheerful Wins!
The way I look at it, this is an opportunity to start something. Find a need people have during a downturn, and fill it at a price they can’t resist. Find a way to save someone some money when money is tight. Do something better than everyone else.
Naomi blogged about that the other day – and she’s right.
Brett Legree’s last blog post..viking fridays – naked, i was a nobody.
It’s really hard to tell the direction the market is going. There is really no point worrying. Best is to keep yourself away from too much media, like you’ve suggested.
Evelyn Lim’s last blog post..Attract Our Travel Dreams
I am typically very good about realizing that the market has cycles.
But I must admit that I panicked a little on Monday. Watching financial institutions crumble and talk of 1929 were just too much for me.
I didn’t take any action, though. I didn’t sell any stocks, and I don’t plan on selling. But I did feel sad and out of control.
Vered – MomGrind’s last blog post..Wordless Wednesday: Mona Lisa, Enhanced
Hi Barbara – That’s good that you’ve sussed which sources are more reliable. I try reading different papers to get opposing points of view – but there’s one British paper I don’t trust anymore – The Daily Express and it used to be my favourite years ago.
Hi Kelly – if you can’t change something the worst thing you possibly do is panic. And as you say – there’s opportunities everywhere if you look for them.
Hi Lance – thinking long term is smart – thing will always turn round at some point.
Hi Brett – I didn’t read Naomi’s article but she’s right. Find something to help folk who are feeling the squeeze. You know, Barbara pointed out the other day that there’s so many of these get rich quick scammers taking advantage of folk in an economic downturn.
By providing something that genuinely helps people, you’re saving folk from the scammers too.
Hi Evelyn – exactly – why worry when you don’t even know what’s going to happen.
Hi Vered – take a look at the following chart & see how many points the Dow has gone up since then: http://www.dogsofthedow.com/dow1900log.htm
Only the folk who invested all their money when the market peaked in 1929, would have had to wait a long time to make their money back.
If it makes you feel better – the world is a whole lot different to what it was back then. In 1929, most American’s didn’t pay tax on their wages.
Cath Lawson’s last blog post..Recession Fears? Don’t Let The Whingers Get You Down
The Wall Street Journal is a good source for in-depth, unemotional analysis. The financial crisis does seem to be bigger than anyone can comprehend, but I still think it’s hard to believe the entire world financial infrastructure could explode because of a relatively small number of bad home mortgage loans.
Brad Shorr’s last blog post..How Do You See the World?
If I had let the gloomers and doomers get to me, I would still be employed. I decided that if the economy was going to go bust, I wanted to take some time off while I could. Then, if I need to get I job to get by, I will.
I’m still retired.
Even if I do another contract job, I’m still retired.
By the way, I was able to retire when I did because of the value increase of the stock of the company I worked for. I ignored the so-called rules. I had too much of my money in one place, but I got out at the right time. All of that is invested elsewhere now in places I can’t get to too easily.
Mike Goad’s last blog post..They?re heading South!
Nickties get wide …. then nickties get narrow. Everything goes through cycles – especially the economy. Unfortunately, the media loves to emphasize a downturn more than a boom ecomony. Bad news, such as a murder, makes for “better news” than talking about someone helping her neighbor. A twenty-year employee losing a job makes a better news story that a 25 year old starting a new business.
Those of us who have been around for a while know that eventually the economy always gets better. When interest rates were 14% – 17% in the late 1970s, many thought that they would never come down. They did.
Good business people plan for downturns. They know that downturns will happen. They know how to survive.
Ron Meledandri – Sentra Business Solutions’s last blog post..Keep Learning About Business And Get Good Advice
Hi Cath.
Like Vered, I feel out of control with regards to this topic. Mind you, being away for almost 3 weeks has kept me away from the media. It is a challenge to not buy in to all the drama. And to answer your question, YES I’ve had enough of the gloom and doom merchants!
I guess metaphorically speaking, we sail a little and then we paddle. Now it’s time to paddle, not panic and drown! That’s my view.
Davina’s last blog post..Stepping Out Of These Old Shoes
Hi Brad – it does seem hard to believe doesn’t it? And it’s a smart idea to read an unbiased newspaper.
Hi Ron – I know what you mean – it’s always the doom and gloom that sells newspapers. Nobody seems to want to read about anything positive.
In the UK – interest rates were around 14% when I bought my first house in the nineties. It makes it a lot easier to protect yourself when rates are high.
Hi Davina – I like the way you put that sailing and paddling.
Cath Lawson’s last blog post..Blog Marketing & Amazing People
I think it’s always wise to listen to what’s going on with the economy and I always watch out for hard facts.
I agree with you, though. I’m tired of hearing expert after expert telling us how it’s all going to go and what to do.
Fact is, if you have a good budget set in place, strive to live below your means (and not within them), and if you’re an entrepreneur – have the foresight to go where your business is, you should be ok and just riding out the storm will work.
I don’t invest in the stock market so I can’t be much help there, though.
John Hoff – eVentureBiz’s last blog post..General Partnerships: A Not-So-Great Business Structure
Hi, Cath. I’m feeling a bit like a biscuit with cheese this morning. No, wait, I’m using that expression wrong…cream crackered is what I meant!
What gets me is all the people who right after that big plunge were saying it was a good time to buy. But how do they know? How do they know that the 4% drop or whatever wouldn’t become a 40% drop?
As it turned out, the market quickly rebounded and then some, so that “buying opportunity” was over in a flash. I figure that we don’t really know what’s going to happen, so just keep doing what you’re doing.
I don’t pay much attention to all the little ups and downs. If we have a Great Depression, then I’ll notice, but I won’t know what to do!
Hunter Nuttall’s last blog post..Best Blogging Interview Of The Century
But as everybody knows,although you have no fear, the others fear from recession and make you lose.
I think it is all related with the nature of human and fear to lose..
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everyone is winging especially the real estate agents and car yard dealers they had good for to long now they winge but they still have lots of money from ripping people of .my idea is dont have credit card.have a small car.and a cheap wife .that gives good head
Great articles & A nice site?.