Poll: What’s Your Top Concern in Case of a Recession?

Let’s face it, what we are seeing now are not pretty: turmoil in the financial market, slumping home value, slowing consumer spending, rising unemployment rate, and falling stock prices. The talks of a possible recession, if we are not already in it as some people have argued, are getting louder and louder these days as last summer’s subprime mortgage crisis spread to other areas of the economy. Since peaked on October 9, 2007, the S&P 500 index has dropped 16.3% already and the Dow has lost nearly 15.5%. Over the weekend, an article in The Wall Street Journal painted a gloomy picture of what Recession 2008 may look like: If Recession Comes, It Likely Will Hit Hard because the trouble in both the housing and financial markets appear to be unprecedented according to some economists.

So do you see a recession coming even after the Fed’s 0.75% emergency rate cut yesterday? If indeed a recession occurs in the coming months as many have predicted, what would be your top concern and are you preparing for it?

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12 Responses to “Poll: What’s Your Top Concern in Case of a Recession?”

  1. ryan |  Jan 23, 2008 at 11:45 am

    absolutely my job. if i lost my job, nothing else matters.

  2. PT from Prime Time Money |  Jan 23, 2008 at 11:59 am

    For me, just emergency savings or rather, the interest earned on those savings. Those rates started falling today, with ING DIRECT going from 4.10 to 3.65.

  3. SavingDiva |  Jan 23, 2008 at 12:07 pm

    I agree with Ryan! I really need to improve my EF to feel secure about losing my job. However, now (as PT mentioned) it’s getting harder and harder to receive a high interest rate on a savings account…

  4. Eden |  Jan 23, 2008 at 1:27 pm

    Concerned about a recession? Why? I don’t see a recession affecting any of the items mentioned above- unless I was a poor employee, in which case my job outlook could be shaky if cuts had to be made.

  5. Nelson |  Jan 23, 2008 at 8:40 pm

    Regardless if there is a recession or not. If a company isn’t make their numbers, one of the first casualties are employees. And it’s not always just the poor employees.

  6. Tim |  Jan 23, 2008 at 9:03 pm

    my biggest concern in case of a recession will be which color socks to wear.

  7. Super Saver |  Jan 24, 2008 at 8:17 am

    Sun,

    My biggest recession concern is the length. If the length is less than a year, it will temporarily hurt but most people will recover. However, if the recession lasts more than a year, it can permanently impact (e.g. job loss) a broader range of people, which would exacerbate the mortgage and credit issues. The last two recessions of of 1990 and 2001 have been relatively short at 8 months. Most of us, including me, have not experienced the longer recessions of 16+ months.

  8. Lazy Man and Money |  Jan 27, 2008 at 6:13 am

    I’m going to write in, “paying my bills.”