Are We In A Recession? What Are You Doing To Be Prepared!

[Gino Barbaro]

Hi Everyone

I ran across an article from Grant Cardone, Mr. 10X.  I think you should all read it.  Let's be prepared this time for the downturn.

https://www.entrepreneur.com/article/273598

Do you think we are in a recession, and what can you do to prepare for it?  This is a great question for all entrepreneurs who rely on the consumer for their paycheck and for all of us real estate investors who are complaining about cap rate compression.

Thanks!

Gino

[Mike H.]

Looks like a doom and gloom marketing sales pitch to create a reason for people to sign up for his marketing university.

We are not in a recession. The gas and oil industry may be hurting but look at how many people are overpaid in that industry to begin with and now look at the huge "tax break" that the average american has received. We've gone from $4 for a gallon of gas to $2.  If the average family spends $150/mo to $200/mo for gas, thats a saving of 75 to 100/mo or almost 1k a year in their pocket.

I think the economy would be much better off with 99% of the population getting a 1k a year (net) infusion of cash as opposed to a couple hundred thousand oil and gas people losing their jobs. 

I see IT still being incredibly tight. And I see that most of the people that lost their jobs during the bust are now employed again and with decent jobs too - i.e. back to their regular pay or better.

I see construction finally picking up again in our area. Whats not to like?

You can call it anything you want. But in my mind I see tons of jobs even here in the midwest. And I see people a lot more confident in their purchases.

In terms of sub prime car loans going bad, what did these goofy lenders expect? And when will they ever learn? If the borrower isn't qualified enough for a regular loan, then how in the world do they come up with this crazy notion that they can raise the rates to double or triple the standard rate and somehow that ill-approved borrower is going to be able to make the payments then?

The logic is so flawed its ridiculous. These bankers should be put in jail for the nonsense.

So as far as I can see, that guy is off his rocker in his assessment of the economy. I don't see us being anywhere near some great recession right now. I see us slowly and steadily moving forward to a stronger economy. 

That view may very well be a truly regional belief though. But to me, the midwest and especially here in illinois where our politicians have run the budget into the ground, should be trailing where the rest of the country is in terms of economic standing. I would think areas like texas, georgia, florida are all even more rosy an outlook on their economy.

I think the guy is just doomsayer using cheap marketing tactics that "the sky is falling and he can save you" to get people to go to his GrantU or whatever nonsense that site is.

Thats my 2 cents (and then some) on what I think of that "article". B-O-L-O-G-N-A