Fred Harteis News Articles - If you are old enough to have worn a mood ring, Earth shoes or bell-bottoms the first time around, you probably recall the "stagflation" days of the 1970s with a bemused mix of humor, national pride and nostalgia.
The forecast was just as dire back then, and for good reason. In 1975, inflation topped 14 percent, unemployment approached 6 percent (but doubled that in some locales), and fuel and food prices were headed skyward.
Most of us would be well into the Reagan years before our wallets grew appreciably heavier.
The funny thing is, I don't remember the sacrifice. We drove used cars and lived within our means, since car leasing and credit cards were not yet widespread.
We rented and shared apartments, since the average home mortgage rate hovered around 10 percent.
We shouldered none of the financial burden of such modern conveniences as cell phones, high-speed Internet or fitness center memberships.
No one wants a recession, of course. It can cause serious economic pain for millions.
10 blessings of a recession
1. Family dinners
2. Shorter gas lines
3. Less junk mail
4. More coupons
5. Free fitness
6. Bargain SUVs
7. Business startup opportunities
8. Growth in gardening
9. Musical inspiration
10. New perspectives
However, economists tell us there are some reasons to actually welcome and perhaps even embrace a recession. After all, a recession is the ebb part of the natural ebb and flow of the economy.
Just as surely as hot markets cool and bulls turn to bears, capitalist economies take a breather every so often to pause and reflect. If they didn't, these corrections would be far crueler.
So, let's smile, lift our half-full cups of regular unleaded and toast these 10 very good things about impending bad times.
Source: Bankrate.com
About Fred Harteis: Fred Harteis leads Harteis International. Fred Harteis has a background in agriculture and has created many successful business ventures.
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