Most people believe, and I used to be one of them, that there was no such thing as a recession proof business. It was always my belief that everything could fail, and there were only recession resistant businesses. However, not long ago an acquaintance of mine told me that bankruptcy lawyers always do good in recessions, and therefore, it was a recession proof business.
That may be, but that also means that it is not a commercially viable business during an expansion period in the business cycle. See that point? This makes a lot of sense, and it gets back to another interesting dialogue and that is how do you know when we have truly recovered from a recession.
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As we know, the commercial credit markets are still tight, unemployment is still high, and retail sales are still down, even though the stock market is now up. People say that the stock market going up is a real sign of economic recovery, but it could come crashing down again as well. In fact, we could have a stock market pull back after the first of the year and slip back into a double dip recession.
It could take quite a while for unemployment figures to stop rising, and everyone to get back to work. That would be a good sign of economic recovery indeed. However, taking all this into consideration, I would say the best sign for economic recovery would be when bankrupt lawyers start going bankrupt themselves.
Wouldn't you think that that would be the greatest real sign of economic recovery? Boy, I would, and I can't wait for the day. Please consider all this.
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