Phil Cannella, founder and then CEO of First Senior Senior Financial Group, gives pointers on coping with the ongoing recession in a FOX interview, dated August 15, 2010. Today Mr. Cannella is founder and CEO of Retirement Media, Inc., dedicated to reporting “Truth for the American Retiree.”
“Just last weekend former Federal Reserve Chairman Alan Greenspan said we could be heading into another smaller recession a double-dip well joining me now his retirement phase expert phil Cannella hey Phil what’s going on here?” “Hey Joyce thanks nice to be here nice to be here and seeing you again.” “So what’s going on?
are we having a double-dip you see that coming?” “Well I said it as a retirement phase expert and I’ll say it again and I’ve been saying it for the last 12 months we had one of the greatest economic storms hit this country in ’08. In fact one of the greatest storms in 300 years. And like any category five hurricane we went through the eye of this storm in 09 and I say the second half of the storm is going to do the most damage we are heading into a double dipping recession and I don’t see how we can’t as long as housing stays on the water jobless claims our eyes which indicates that more jobs are being lost foreclosures are hitting a high in July I just don’t see how it’s not going to avoid this recession.” “So Phil, what in the world can people expect the economy doing the short term everybody’s at their wits end!” “Well, you know, there’s a lot of financial psychology going on out there particularly for those in retired years. If you’re in retired years you should be concerned this is all you’ve worked for and you should have a red flag if you’re in stocks bonds and mutual funds. You’re in one bucket called risk. What people should be looking for is a safe haven a brick house of safe havens and they’re out there but they must seek out retirement phase experts that can show them accountability and guaranteed safe investments.” But that’s really hard how can people prepare for another recession when they’re already feeling the worse.” “Well there are something called indexed contractual agreements and there are within the insurance industry which isthe brickhouse of industries. You don’t hear of any insurance companies going into bankruptcy not even the smallest ones but you do hear about 100 year old firms like Bear Stearns and Lehman Brothers going out of business. What people can do is they have these contractual agreements that will follow
these indexes without your money actually being placed on the market and you can have your share of market growth without ever participating in market downturns.” “And Phill another thing people can do you have a free education seminar coming up on Tuesday. Free in Concordville, Delaware County the number to register for that
is right here on the bottom of the screen I think we’re going to give it to you. Yep. So people can come out and learn more from you and you’ll tell them all they need to know right?” “As a senior advocate you’ll learn how to Crash Proof your Retirement guaranteed and we invite everyone to come out even the advisors or other financial professionals to learn how you can have a Crash Proof Retirement for your client and for yourself that’s Tuesday August eighteenth. We need all the help we can get thank you for joining us tonight thanks for coming out.” “Good evening, Joyce.”