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Capitalism: US small business started preparations for a recession
  • More than two-thirds of business owners surveyed by the bank said they had taken steps to prepare for an economic downturn, including setting cash aside or planning to reduce expenses.

    Of the 69 percent of owners who had started preparing for a recession, only 19 percent had opened a line of credit, a figure that Bank of America’s head of small business Sharon Miller said was too low.

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  • Preparing is just part of common sense planning to be ready for anything.

    Doesn't mean they expect it. Half of business owners still feel that the economy will improve and be stronger next year than last year.

    “When you need a line of credit, you often can’t get one". ~ Sharon Miller , Bank of America’s head of small business.

    That is why you should organize a line of credit during the good times, not the bad times.

    “We continue to see a good, strong solid U.S. economy,” said Chief Executive Brian Moynihan on a conference call earlier this month.

    (Brian is the CEO of Bank of America, who commissioned the survey)

  • Preparing is just part of common sense planning to be ready for anything.

    Preparation for recession is normal for planning, I see. Quite shitty planning.

  • It is just like when I bring a second spare camera, or a spare mic, or a spare whatever, to set.

    I don't plan to actually use it, and I certainly don't hope to use it!

    But it is very smart planning to be prepared for anything which may happen, even the unlikely and unpredictable.