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Amazon Executive Director Jeff Bezos stated that “the economy doesn’t look really good right now” in a segment of a CNN interview released on Monday. And “if we aren’t in a recession right now, we will be very soon.”

“I’m not sure if we’re really officially in a recession,” Bezos remarked. “Economists disagree about it, and they have particular technical criteria. What I can tell you is that the economy is not looking good right now. Things are decelerating, and there are layoffs, in different areas of the economy, individuals are slowing down. The odds are that if we aren’t in a recession right now, we will be very soon. So, whether you’re a small business owner or not, my advice is to remove some risk from the table. If you’re going to make purchases, perhaps slow it down a little bit, keeping some dry powder ready, and wait a little time to see how — try to minimize some risk within your company or life.”

He went on to say that risk minimization is what he meant when he advised to “batten down,” and that “if you are a person contemplating about getting a new big-screen TV, maybe slow it down, keep that money, see what occurs, the same thing with a new refrigerator or a new automobile, anything.” Let’s eliminate some of the risk. If you own a small business, consider deferring some capital expenditures; do you truly require that brand-new piece of equipment? Perhaps it can wait a little longer so you have some money on hand. If we do get into even more serious economic troubles, even a modest amount of risk reduction might make all the difference for that small business. Therefore you must play the possibilities a little.”

Bezos also stated that predicting the length of a recession is something that “the most experienced economists throughout the world” cannot answer, and that “you simply need to try and be sensible about it, take as much risk off of the table for yourself, wish for the best, but plan for the worst.”

Author: Blake Ambrose

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