Everybody was surprised by the economic crunch that hit the United States and consequently the entire world a couple of years back. This recession that hit, however, did not come without warning. There were actually indicators that point to a looming financial crisis although not entirely a collapse. Nobody really saw the collapse of financial giants Lehman Brothers and the American International Group. This is because of the nature of the financial transactions that were really based on nothing but paper guarantees. But this is another issue altogether. There were actually economic forecasting information as to a slowing down of the US economy given factors as unemployment and bankruptcy filings.
Many claimed that people would have been better prepared for the US recession if they had better economic forecasting. Perhaps if people paid more attention to the forecasts as to how the economy is likely to behave, they would have been able to prepare for it adequately. Economic forecasts are merely predictions. These are expert analyses of what the current economic indicators point to. A combination of economic factors could present you with a financially desirable scenario but could just as easily take a turn to the other direction when some other variable is introduced to the equation. The key really to financial preparedness is being able to make the wisest financial decisions given the right information at the right time.