Are we heading towards recession?
How difficult and long do you think it would be?
How shall we cope with this?
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In school
2008 was much worse for most people. This recession will be much deeper than 2008, but will probably only last a few quarters vs 2008 had high unemployment for years
But for small business, it’ll be a depression. No money to restart. The Fed money printer will likely not rain down on them or will have detrimental deflation ramifications that causes them to pull back. Restaurants will be shuttered. Unemployment at record highs and unsustainable. We will be bleeding trillions more in red ink.
It’ll take several years to return to what we remember as normal. Clearly this will also lead to a slow decline in housing prices. Look for the bottom in housing around 4 years from now.
Obviously different areas will be more or less severe than others. Bay Area won’t fall as hard as Vegas. But the duration of the correction is pretty uniform.
Unknown. Your guess is as good as anyone. My guess is it'll be at least 6 months before anything remotely returns to "normal". Then it'll be another year or two to get going again.
Unfortunately there's no much you can do on the macro level. You can only control yourself and your actions. Know that during your lifetime you will see multiple recessions. You will be get laid off. You will go through uncertain times. Everyone will. Beyond your control. We will eventually get through this.