With the Dow plunging
470 points on Tuesday, renowned economist Larry Kudlow tells Newsmax TV
he has the same advice for nervous investors as he did last month when stock prices dropped: Hold steady!
"I would say don't sell. There's no catastrophe and I don't see a recession," Kudlow, a senior contributor at CNBC, said Tuesday on "The Steve Malzberg Show."
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And American investors shouldn't be spooked by Canada, which has also been on a financial rollercoaster ride.
"Canada's in a small, mild recession, that is correct, because they're much, much more heavily dependent on oil than we are," Kudlow said.
"But by and large, I would say don't panic and don't sell, hold your position. My hunch is that there'll come a time when you want to come back and buy on some of this weakness.
"Corrections are difficult, but they're not unusual and they may prove to be healthy."
Kudlow offered the same advice
to investors on Aug. 24 after the summer's first dramatic selloff, telling Steve Malzberg:
"Let me just say unequivocally right now, there is no catastrophe, there is no banking system collapse. In fact, I would argue there is not even a recession in sight at least for a couple more years. Those are basic bad things. I don't see it."
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