Although some seasoned prognosticators are sounding rather upbeat these days -- see "From Bear to Bull: James Grant on Recession and Recovery" and "Tim Bond Reckons the Real Risk Is on the Upside" -- others are less sanguine.
In "Must See Interview -- Julian Robertson: 'We're Going to Pay the Piper,'" The Pragmatic Capitalist points us to cautious comments from one old hand who believes there's still plenty to worry about:
Julian Robertson of Tiger Management called the recession and the following rally. But he’s turning more cautious and now believes we could see a huge spike in interest rates and a potential double dip recession.
Part 1 on our macro problems:
I have a problem with his thinking: his net worth
is 1.3 billion,he is the #1 speculator in the club of the
super rich and he is asking/telling the American people
to cut back,to be masochistic and accept the pain.He does
not like the idea of spend.. spend and borrow..borrow,
but accumulation on the individual level ad infinitum is A ok.
With this kind of philosophy I must agree with Faber its down
hill ALL THE WAY>
Posted by: roger | September 25, 2009 at 11:45 AM
Garbage. Total crap. He is either deluded or unqualified. His misinformation is either on purpose, or out of ignorance. Unacceptable, both.
Check the Constitution at Article 1, Section 8.
Go.
Look it up!
Congress can create all the money our country needs -DEBT FREE! WITHOUT BORROWING IT.
Think: if the money is created based on production, instead of based on borrowing, we will have a very wealthy nation, no debt, no inflation and a totally rebuilt economy and infrastructure.
There is a solution: www.moneyaswealth.blogspot.com
Posted by: Money As Wealth | September 25, 2009 at 12:32 PM
Double-dip recession? Where is the spike? This recession ain't ending anytime soon. Things will get worse. I've noticed that there are less folks commuting nowthan a few years ago. 10% unemployment my monkey butt. Unemployment is 20% if it's anything at all.
Economists control the economy about as much as weathermen control the weather.
The economy sucks and is getting worse. Ask the ten next random people you run into.
Posted by: Abraham | September 25, 2009 at 01:54 PM
Billionaires are the reason everything is in the toilet. They should be taxed into oblivion.
Posted by: edgar | September 25, 2009 at 05:39 PM