Rosenberg: Economy Caught in Depression, Not RecessionVodpod videos no longer available.
Rosenberg comes in around the 6.30 mark.
Courtesy of CNBC: David Rosenberg, Gluskin Sheff & Associates chief economist, discusses his belief that we are in a depression despite the government’s best efforts.
…Rosenberg points out that the “overall economic malaise” has come despite aggressive efforts by the Federal Reserve to stimulate the economy through rate cuts. The central bank itself has scaled back its economic projections, has held steady on its balance sheet, and could be announcing another round of quantitative easing measures at its Jackson Hole summit this week.
“How’s that for a reality check,” Rosenberg said. “It’s not too late, by the way, to shift course if you have stayed long this market.”…