Posted Tue, 08/12/2008 - 11:37 by carol white
Posted with permission by Nicholas Benton, Owner/Editor of the Falls Church News Press
"We're trying to come to grips with the end of a 20-year secular credit expansion that went parabolic in the last six years," the chief North American economist for Merrill Lynch said on national TV yesterday.
"The U.S. economy is at the outset of the first consumer recession since the early 1990s, and it's facing headwinds comparable to the six-quarter recession that pushed the Standard & Poors Index down 40 percent in the 1970s," David Rosenberg said in a live interview on CNBC.
"We've gone from housing to credit to employment, and now I think we're going to start to see some negative consumer spending numbers now that we're past this fiscal stimulus program," he went on.
