You're listening to an AirWave Media Podcast.

Economics is a wonderful science, but it is not yet at a point where it can even tell you if we're in a recession now.

So, the question then is for ordinary people in a world like this, how do you possibly function?

I think that the answer is, you take the long view, you realize that you cannot forecast anything short-term,

and that none of these so-called experts can either.

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Hey everybody, I'm Jean Chatsky. Thank you so much for joining us today for a special markets and economy edition of hermoney.

We have seen markets worldwide tumbling and rebounding and tumbling again the past few weeks as investors dumped government bonds, oil prices slipped, cryptocurrencies crashed.

The S&P 500, which has fallen 10 out of the last 11 weeks, has declined more than 21% since January,

and the Fed in a move to try to fight inflation without tipping the economy into a recession,

raised interest rates by 3-quarters of percentage point or 75 basis points last week,

which was the largest rate hike we've seen in 28 years.

And this was aimed directly at taming the runaway growth in the prices of, well, just about everything that Americans are facing these days.

And of course, many economists are now saying, here comes a recession.

Many are predicting that we'll be in a recession by 2024. Some say it'll come sooner.

Others believe we may already be in it right now.

So what does all this mean other than take a breath? What can we actually do?

I want to introduce our guest to you. I'm very excited that he's here because I suspect that you have read his work many, many times.

I know I have Jeff Summer writes the strategies column for the New York Times.

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