Sage advice from our ancestors.
The U.S. may not technically be in a recession. After all, the U.S. Commerce Department says the economy grew at a 0.6% pace in the first quarter.But most people look at things more like legendary investor Warren Buffett, who defined a recession as when “people are doing less well than they were three months, six months or eight months earlier.”For most economists it is no longer whether there is going to be a recession, but what type of recession it is going to be: short recessions like the one from 1990 to 1991 and the one from March to November 2001, or something like the Great Depression.
No matter which it ends up being, one of the best places to look for sound advice is from those people who have survived the worst of economic times – namely your grandparents.