Interview With David Rosenberg: Market is Pricing In 5% GDP Growth, It's Not Going To Happen

David Rosenberg was interviewed by BNN today. He had some very interesting points.

On why gold is going up:

- Peak gold production was in 1999

-U.S. is printing too much money

Unemployment and Baby boomers:

- According to the recent unemployment report, mostly people aged 55 and over were the ones getting hired as they need to suplement their income and their savings have collapsed, their net worth is down 30%. They need to come back to work not becuase they want to but because they need to. These people are not spenders (my comment).

Stock market:

- Stock market is currently priced for 5% growth. He thinks we will only get around 2%.

2nd Stimulus:

- Will there will be a 2nd stimulus? It won't be called "stimulus" as that has stigma associated, but he cites the example of the house buyer credit. The current house credit has been "extended" (and expanded), therefre it is no called a "2nd stimulus".

Watch interview.