We Are Living in a ‘Modern-Day Depression’: David Rosenberg
By Aaron Task The Federal Reserve cut its growth forecast for the second half of 2012 and 2013 last week, raising concerns yet again about the potential for a "double-dip" recession. While some, notably the cycle watchers at ECRI, believe the U.S. economy is definitely heading for another recession (or already there), Gluskin Sheff's chief economist and strategist David Rosenberg goes a big step further.
"We are living in a modern-day depression," he declares.
Williams' Government Shadow Statistics have told us that already for a long time.