Loans were not readily available. People are getting fired. Sensex plummeted down. Corporates are revealing there fraudulent face. Real estate prices came down. Companies are cutting cost, even avoiding snacks and tea to their visitors. Employee satisfaction was put to shelf.
Many people are comparing this recession with that of 1930s.
We can choose to sit around and blame the banks and the Government but complaining will not make one bit of difference. While we do not know how long it will be, we know that it has the potential to be the worst financial crisis any of us have lived through.
There are certain precautions that can be taken before the financial storm.
Don't Panic You are here because you are fearful. Don't get panicked. Recession which started in US, is slowly gripping India. As this is just the beginning stage in our country, it can
be corrected to a big extend by taking some precautions. Know you have got some time. So be fearless and start preparing.
Recession starts in the mind Having an understanding of behavioral pattern of people will be enough to give you the edge that you need to remain financially secure during recession.
Know that the economy will be fine in the long run, and that huge declines in stock prices are only temporary.
It's the law of the financial god that, every boom is followed by a recession. There is no other way than to face it.
This recession may be small. The recent recessions of 2001 and 1990 survived only for less than a year. Let's be optimistic while we prepare for the worst as there are no silver bullets that can insulate us from any financial crisis.