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Coming up today on WealthWorks Radio, we’ll outline five important questions to ask your advisor about inflation and its impact to you and your retirement. And now Wealth Works Radio with Eric Kearney.
Hey, welcome in everybody. This is Wealth Works Radio with Eric Kearney and Joseph Lanza. I’m consumer advocate, Steves Atal. Eric is a fiduciary. He is President of Retirement Wealth Advisors in Cape Coral, FL, Joseph Fiduciary as well alongside Eric. Soo much going on. It’s just a lot going on right now between the whole election thing. That’s been fun. Yeah. Midterms, I’ll tell you, it’s, it’s, you know, what a crazy year it’s been. I mean, you know, you, you thought you had crazy years in the past with the pandemic, the aftermath, the hurricane, and then all of a sudden, you’ve got inflation. I mean, there’s just so.
Many issues this year and, um, you know, the markets have been performing something of like a balancing act. I mean, it’s, it’s, they, they have, you know, precipitously gone down, but now all of a sudden, you know, they’ve been recovering in the hopes of a strong midterm election. And, you know, now we see the tides turning a little bit and, um, Hopefully, um, this is going to make the presidency more benign.
And I think that that’s what people were looking for. Um, and while that also creates gridlock, I think that that’s something that people actually like, they, they like that nothing’s actually getting done or nothing’s getting put through. Um, well I think that’s good. I mean, you’re right. People do like the gridlock and I think it has proven to be, you know, somewhat success.
Yeah. And it, it, it drops a lot of risks. I mean, because then one side is completely getting their absolute agenda. And I mean, I do believe in checks and balances. And so I think that now, you know, um, there’s, there’s, there will be more checks and balances in there. I mean I think that this is a good thing that’s all.
Think that it’s gonna be very good for the markets going forward. Um, we’ll see what happens. I think, uh, I think people need a break from this downward stock market. They need to see something, um, start to come back a little bit and, and you have been seeing that, you’ve been seeing the, the, the bounce back a little bit, which is always, uh, positive to see.
Sure. And, and so along with that, and along those lines, we, uh, It seems that if, if the, uh, the, the gridlock, I mean, that forces compromise. Exactly right. I mean, now all of a sudden people have, they’re forced to work together because basically it’s like tug of war. I mean, if you have six guys that weigh 300 pounds on one side, and you know, on the other side you have six women who weigh a hundred pounds a piece, I mean, the, the men are gonna slaughter the women.
They’re. Yank them. You know, there there’s no checks and balances there. So now all of a sudden there’s gonna be some communication. They’re gonna try to work together a little bit. I mean, you know, and unfortunately, I don’t know, over the past decade, I think it’s gotten worse. I think there’s no meeting in the middle at all.
I mean, it just seems like, you know, if you are on one side, you are to the far right or to the far left, and nobody’s like, Kind of have any common ground and, uh, it’s, it’s really divided the country, um, pretty much right down the middle, I would say. Well, I mean, it’s interesting because it’s, it’s as much as it’s divided, you know, I.
It just doesn’t seem to get, People just can’t seem to get around that. No. And the, the frustrating part to a lot of people now is even if you are, you know, more, um, liberal, I think people are getting really pissed off. I mean, inflation has gotten outta control. The stock market since Biden has taken office has lost over 10 trillion.
Wow. When you really think of that number, The stock market has lost 10 trillion. That is deafening to a lot of people. And you know, so, you know, at some point they’re gonna be like, Enough is enough. You know? And I, I just don’t get how some of these politicians get voted in. I, I, I’m befuddled by that. I always am like, where, where were the days where?
You know, you respected someone and they really wanted to, to, to do the best for the country, and you don’t see that anymore. It’s all about. Their initiatives and, and their enthusiasm and, and their ideologies and what they wanna work on. And it’s like nobody wants to work together. And that, that’s the disgusting part about this country.
It’s like we really have got to come together and, and somehow fi fix this whole mess. But, um, It’s just, I mean, the spending is outta control and, and like I said, there’s a lot of people who do not feel that they have the same quality of life this year as they had in the past, and they’re getting tired of that.
Of course. I mean, you know, the days of Tip O’Neill and Ronald Reagan, you know, really crossing the aisle for each other and, and making stuff happen. That was, that was true compromise at the time. Yeah. Yeah. And, and that’s gonna go down in history as, you know, one of the best presidencies and best, one of the best times in the country ever.
And, um, yeah, we’re just forgetting all of that and that that’s, it’s just sad. So, I mean, we’re talking about recession. I mean, we’re talking about the election and now we’re. Talking about recession, and there are certainly the, uh, the financial experts that say, Oh, it’s gonna happen, uh, sometime in the next year.
Some people say we’re already there. Uh, some people say it’s not gonna happen. I mean, there’s just so many conflicting things out there and, and we’ve gotta still take care of ourselves because we’re still going to have to retire. Well, and I think people put out the R word, you know, they’re like, Oh, recession, Recession.
Like this is bad. This is gonna cripple you. It really isn’t. I mean, we had a recession, we talk about it all the time. We had a recession in 2020. We got right through that, you know, and yeah. And this recession, I mean, if this ever happens and, uh, you know, people are are like, Oh, there’s gotta be a recession coming.
How do we prepare? You don’t, by the time you’re in a recession, you’re already in it. You don’t see it coming. You know, it just, it just all of a sudden happens. And, um, so, and then of course, when you’re right in the middle of it, they’re redefining the definition of recession, which always cracks me up.
Yeah. It’s like, come on. I mean, talk about political moves. It’s like, it’s just unreal. But the bottom line is, is that, I mean, I have a lot of friends who are pretty big money managers. Um, we know some economists and they’re even saying that the demand is so strong right now that I just don’t see us having a deep recession.
I think it’s gonna be a very light recession. We’ll be able to get. And move on. Well, let’s hope so.
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