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The normal GDP growth after the end of a recession is 7%, not 2.2%. On top of this, these 2.2% were achieved with all kinds of stimulus, housing, cash for clunkers, etc.
David Rosenberg says that "Disappointment" will describe 2010. The chief economist & strategist at Gluskin Sheff + Associates says economic growth and company earnings aren't going to live up to expectations. He's urging clients to be defensive and scale back risk.
Watch video part I
Video part II : Sales are not picking up, mortgage applications are down 30% from the ultra low levels from 1 year ago. 'Mean-reverting' means you go .. below the mean. This has not happened. Canada very near a bubble. Home ownership is at 68%, the same level the U.S was when they had their housing bubble, but people today are buying at inflated proces, negating all the benefits of low interest rates. What will be the spark to trigger the collapse?
Video part III: What's ahead for the North American economy in 2010? Will the U.S. dollar slump even more? Will there be job growth?
What's ahead for the North American economy in 2010? Will the U.S. dollar slump even more? Will there be job growth? Will Canada's housing market overheat? BNN speaks to David Rosenberg, chief economist and strategist, Gluskin Sheff + Associates
2 comments:
Don't see Rosenberg down here in the states as much.
Thanks!
Seamus
Thank you Seamus!
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