About the Author

Stephen Oakes is an experienced financial titan from New York who brings Wall Street to Main Street. Over the past 11 years, he has developed and tested the renown, Oakes Momentum System, which uses a unique constellation of technical indicators to find timely buy and sell points. He holds an M.B.A. in the United States (New York) and has studied internationally at the Reims School of Management in France.

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U.S. Heading for a Recession? Maybe It’s Time to Get Your Financial House in Order…

January 21st, 2008 • Related • Filed Under

A recent study done by CNN Money indicates that only 19 percent of the 1,000 Americans polled believe that the nation will avoid a recession in 2008. What is more telling is how this collective fear is beginning to mold the financial behaviors of people across the nation.

One of the many questions asked in this survey stated the following:

In the past 12 months, have you been spending about as much as you did before on most things, spending more, or cutting back on your spending compared to twelve months ago?

Savings Rate

As you can see, 48 percent of those who took the survey are already beginning to reign in on spending and have begun cutting back. People are generally concerned about their financial security and ability to meet their monetary obligations (mortgage, kids college tuition, medical, etc.) in order to ensure the bills are paid. Although this is something that people should be preparing for during times of economic expansion, it is better to be late than never.

Stephen Oakes
Editor, Volume Spike Alert & Black Sheep Trader

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