Talk about living in a bubble. Of course things look rosy for Goldman Sachs Asset Management Chairman Jim O'Neill. With the bonus pool deep into the billions yet again, these people haven't had a sniff of the real world in ages. Things could definitely be worse but it's really a stretch to even attempt to suggest the US economy is not in bad shape.
"There is such an ingrained negative mood internally in the U.S. about itself," he told CNBC Thursday. "People now seem to be convinced that Europe is going to drag the U.S. down. That might happen, but there is a strong likelihood that it won’t."Uh huh. Let's remember how well Wall Street predicted the last recession.
The U.S. "has coped pretty well with Japan going 20 years without any growth. So why does Europe having problems definitely mean the U.S. goes back into serious trouble?"
The U.S. is "doing a lot better than the mood appears to be. There seems to be this mood around an inevitability about the next course or we’re back in recession or close to it. I don’t really buy that," O'Neill said, adding he sees "no momentum for a recession."
