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Recession Will Be ‘Full-Blown Depression’: Strategist
Posted By admin On October 16, 2009 @ 10:24 am In Money Watch | Comments Disabled
Friday, October 16, 2009
This global recession will turn into a “full-blown depression,” Nicu Harajchi, CEO of N1 Asset Management, said Friday, adding that global stimulus hasn’t come down to Main Street.
Wall Street is making money, while consumers aren’t, Harajchi told CNBC.
“We have seen the G20 coming out with cross border capital injections of $5 trillion this year… But a lot of this money hasn’t really come down to Main Street,” he said.
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“When it comes down to corporate America, corporate Europe or even in Asia, in Japan, we are not seeing Main Street making any money,” he said. “Consumers are losing their jobs. They are struggling with their mortgages, with their credit. And we are just seeing this continuing.”
The $5 trillion injection is “monetary expansion,” according to Harajchi. “At some point, which we believe to be 2010/11, some of the central banks are going to recall some of that money and that will turn from monetary expansion to monetary contraction.”
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URLs in this post:
 CNBC: http://www.cnbc.com/id/33341496
 Image: http://prisonplanet.tv/signup.html
 US Unemployment May Hit 15% in 2010: Strategist: http://www.prisonplanet.com/us-unemployment-may-hit-15-in-2010-strategist.html
 20 Signs That Europe Is Plunging Into A Full-Blown Economic Depression: http://www.prisonplanet.com/20-signs-that-europe-is-plunging-into-a-full-blown-economic-depression.html
 17 Signs That A Full-Blown Economic Depression Is Raging In Southern Europe – Is The U.S. Next?: http://www.prisonplanet.com/148871.html
 11 Signs That Italy Is Descending Into A Full-Blown Economic Depression: http://www.prisonplanet.com/11-signs-that-italy-is-descending-into-a-full-blown-economic-depression.html
 Economy Caught in Depression, Not Recession: Rosenberg: http://www.prisonplanet.com/economy-caught-in-depression-not-recession-rosenberg.html
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