From the man who saw the first recession coming:
Writing in Monday’s Financial Times, the founder of Roubini Global Economics said: “America’s recent data have been lousy: there has been little job creation, weak growth and flat consumption and manufacturing production. Housing remains depressed. Consumer, business and investor confidence has been falling, and will now fall further.”
“The misguided decision by Standard & Poor’s to downgrade the US at a time of such severe market turmoil and economic weakness only increases the chances of a double dip and even larger fiscal deficits.”What's particularly troubling is that the conventional wisdom, in expert circles, is that you don't cut spending until the economy is back on its feet. Yet that is exactly what the President and Congress (both Ds and Rs) are doing and supporting. The media bears some responsibility to report on this. IT's a rather big deal, if we're potentially marching the country into another recession, a la Hoover, and the simple fact that the politicians seem to be ignoring the best economic advice from private economists and from Wall Street (other than S&P).
