This Isn’t the First Economic Downturn, And It Won’t Be The Last
July 22, 2008 by Miranda Marquit
Filed under Finance
One of the things that can exacerbate the current economic condition is panic, and the thought that this is the only time such an economic problem has befallen the United States. However, economic down cycles are natural — the unreasonable thing is expecting unlimited and constant growth.
Over at Stock Trading to Go, Blain Reinkensmeyer shares some of the economic downturn cycles that the United States has weathered in the past 80 years:
- Great Depression (1929 through the late 1930s)
- Recession of 1945.
- Recession 1948-49.
- Post-Korean War Recession (1953-54)
- Recession 1957-58
- Recession 1960-61
- Recession 1969-70
- 1973 & 1979 energy crises
- Recession 1981-82
- Recession 1982-83
- Western recession 1988-1992
- Recession 2001-2003
It is impossible to completely avoid an economic downturn. The best policy is to practice solid financial principles on a daily basis, and prepare yourself to ride out the tough economic times.
Miranda: I also wrote about this over at Small Business Boomers: http://www.smallbusinessboomers.com/thats-why-its-called-a-market-cycle-it-goes-down-and-up/
The benefit of being “experienced” (i.e., old), is that we’ve seen it all. I’m doing exactly what you suggest, Miranda….sitting tight.
Thanks for sharing your link, Jean! It’s important to take a reasonable and measured approach to your finances is the best way to weather these circumstances.
Always enjoy your content and writing Miranda, up for another guest post when you shout.
Yours in money.
Donna
aka moneypenny
Thanks Donna! You are welcome to guest post again soon if you would like :)