Rosenberg: U.S. economy in “modern-day depression”

By Prieur du Plessis, on August 3rd, 2010 posted in: Economy, US

“The economy is in the process of slowing down,” said David Rosenberg, chief economist and strategist of Gluskin Sheff & Associates, via Yahoo Finance – Tech Ticker. “Whether or not we have a ‘double-dip’, it’s going to be some pretty tough slogging as far as the overall economic backdrop.”

Although saying a technical double-dip is not certain, Rosenberg makes a strong case that the economy is in a “modern day depression”.

Source: Yahoo Finance – Tech Ticker, July 29, 2010.

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John Crossman

August 4, 2010 at 2:16 am

Mr. Rosenberg has been a consistent bear through the whole market recovery from March through the end of 2009. I have to confess, I thought he was heading into “broken clock” territory this year. But, as I saw on this website earlier this year, he was right when debating Grant on US Treasuries (4% -> 3%) and his comment about why NBER has not declared the recession has come up a number of times in recent conversations. I hope he is wrong and will be looking for signs that he is but his arguments have to be taken seriously.