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Economy Caught in Depression, Not Recession: Rosenberg

Posted By admin On August 25, 2010 @ 4:14 am In Featured Stories,Money Watch | Comments Disabled

Jeff Cox
CNBC.com [1]
Aug 25, 2010

Positive gross domestic product readings and other mildly hopeful signs are masking an ugly truth: The US economy is in a 1930s-style Depression, Gluskin Sheff economist David Rosenberg said Tuesday.

 

Writing in his daily briefing to investors, Rosenberg said the Great Depression also had its high points, with a series of positive GDP reports and sharp stock market gains.

But then as now, those signs of recovery were unsustainable and only provided a false sense of stability, said Rosenberg.

Rosenberg calls current economic conditions [2] “a depression, and not just some garden-variety recession,” and notes that any good news both during the initial 1929-33 recession and the one that began in 2008 triggered “euphoric response.”

Full article here [1]

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[1] CNBC.com: http://www.cnbc.com/id/38831550

[2] current economic conditions: http://www.cnbc.com/id/20910258/?site=20910258

[3] Having A Supply Of Healthy Foods That Last Just Makes Sense (AD): http://www.efoodsdirect.com//index.html?aid=14&adid=43

[4] Image: http://infowars-shop.stores.yahoo.net/post4rioffe.html

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