Traders work on the floor of the New York Stock Exchange moments after the opening bell December 12, 2008 in New York City. Millions of Americans lost their jobs. Photo / Getty Images
Traders work on the floor of the New York Stock Exchange moments after the opening bell December 12, 2008 in New York City. Millions of Americans lost their jobs. Photo / Getty Images
Bill Gates, who participated in a Reddit "Ask Me Anything" says that a financial crisis similar to the 2008 Great Recession is a certainty in the near future.
When the recession hit in 2008, millions of Americans lost their jobs, and it took years for the economy to recover, withpeople and industries still seeing ripple effects.
According to Microsoft co-founder Bill Gates another one is heading to the USA, but he has a more positive spin on it, said the Daily Mail.
Gates was asked if, in the near future there will be a similar crisis to the one in 2008, and he responded: "Yes. It is hard to say when but this is a certainty," according to CNBC.
He added, "Fortunately, we got through that one reasonably well. Warren has talked about this and he understands this area far better than I do."
In the Reddit discussion, Gates referenced good friend, Warren Buffett, they believe despite dips in the country's economy the future of finance is America is very bright. Photo / Getty Images
Both Warren and Gates, who are longtime friends, have been optimistic about the economy in general.
Buffet has said years of growth "certainly lie ahead," and "most American children are going to live far better than their parents did."
Despite the warning, both Gates and his longtime friend Warren Buffett are generally optimistic about the U.S. economy.
In an essay for Time magazine, Buffett stated that years of growth "certainly lie ahead," and "most American children are going to live far better than their parents did."
Gates concluded his Reddit AMA response by saying, "Despite this prediction of bumps ahead, I am quite optimistic about how innovation and capitalism will improve the situation for humans everywhere."
As for how you, the investor, should react if the market tanks, keep a level head and stay the course, says Buffett. In response to wild market fluctuations back in 2016, he told CNBC that buy-and-hold is still the best strategy.
The recession had bankrupt financial firm employees packing up their offices, a Lehman Brothers employee in New York. Photo / Getty Images
"Don't watch the market closely," he advised those worried about their retirement savings at the time. "If they're trying to buy and sell stocks, and worry when they go down a little bit … and think they should maybe sell them when they go up, they're not going to have very good results."
Buffett says don't mess with your stocks through flucuations: "If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes."
