What should specialists be doing to survive the recession?

You know you are too old for a recession when you measure how well we are doing not by profit versus loss, but by the speed at which we are approaching the abyss. It really does not matter, because whatever the scenario, things are still getting worse. Yet somehow the financial sector seems to think they’re improving because they are not getting worse as quickly as they were. I’ve never known a gardener who boasts about how good he is because his plants are dying less slowly than they were a year ago, but it appears that we are to applaud the fact RBS has made a profit because it is losing less than before, after, like all banks, hanging UK construction PLC out to dry.

So what do we specialists need to do to safeguard our futures? Well, cash is all that matters. And to that end, I have three pieces of advice.

This article continues as Terry Wright's blog