Recessions are self-fulfilling prophecies. At the first hint of a slow-down, businesses start to worry. They lay people off and pull back their investments in new initiatives because no one wants to be the last one off the train. Other businesses then react to hearing of the layoffs and pullbacks. They start to stockpile cash, too scared to carry out their plans for promotion and expansion. Fear and negativity rule! Once they decide things will get bad they do get bad.
Fortunes were made during the Depression. No one ever writes about that. There are incredibly huge opportunities in a down market, especially for entrepreneurial businesses.
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