Speaker: Economic Recovery Won’t Be a Breeze
The following article by Becky Malkovich appeared in “The Southern” (Carbondale, IL) on March 28, 2010. David is quoted in this article.
CARTERVILLE — The economic tide may have turned, but don’t expect a turbulence-free recovery, Guy Adami of CNBC’s “Fast Money” said.
Adami, keynote speaker at Stock Traders Summit II at John A. Logan College on Saturday, said he is more optimistic about the economy than he was.
“This time last year, it felt like we were on the verge of anarchy. There was a three- or four-day window where as crazy as it sounds, we could have seen the fall of capitalism and subsequent civil unrest,” he said. “A year later, people have almost forgotten how bad it was and they think all is cured. It’s incredible what short memories we have. Well, the apocalypse is over, but we still face serious headwinds.”
Unemployment will remain high, he said, as companies learned how to do more with less during the economic downturn.
“They learned how to boost their productivity with fewer people. When companies learn to function in that environment, they don’t go back,” he said.
High unemployment could also put the hurt on consumer spending.
“I’m more optimistic than I was at this time last year, but it’s going to be a delicate balance,” he said.
Adami, a professional investor and media analyst, encouraged people to take ownership of their financial future.
“People spend more time planning their summer vacations than they do planning their finances, planning how they’re going to retire and planning what they’re going to retire on,” Adami said. “They think that somebody always knows more than they do, but the reality is, and what the past 18 months have proven, is nobody knows more than you.”
He cautioned against falling for sketchy deals.
“If it sounds too good to be true, it’s too good to be true,” he said. “Go with your instincts.”
David England, associate professor in finance at JALC, said education is key to successful financial planning and events like the summit can teach investors well.
“Logan is becoming a leader in financial education at the collegiate level,” England said. “”We empower people so they can make better informed decisions about their futures.”