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If you're looking to make money, cash is key during a recession. The dollar will rise due to lower imports and you won't find the dollar for much cheaper than it is now. You'll want to clean up all debt beforehand and put some money away just in case (6 months to a year). Bonds tend to do well during recessions (junk bonds if you are risky), strong companies that will be around for a long time (Pepsi, Natural Gas, etc), and just keeping them in CDs and money market accounts that are short term.
The key to a recession is spotting the low point and buying. You'll be able to get homes dirt cheap, stocks cheap, and you'll make a fortune on the rise. There are a lot of people who made millions in the 90's after the recession. There are also a lot of people who made money on the Great Depression. Nonetheless, our economy is too diverse and regulated to fall into anything that bad. We'll have a nice recession and the smart ones will make money off it.
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