David Rosenberg: Old News Sells Well

Gluskin-Sheff ‘s chief economist David Rosenberg, who has been consistent with his bearish outlook, weighs in on the NBER’s claim that the recession ended in June of 2009:

Globe And Mail: “Well, the National Bureau of Economic Research (NBER) made it official yesterday, and told us what Statistics Canada apparently knew back in April – the recession ended in mid-2009. The equity market rejoiced, which itself is amusing since supposedly the stock market is a discounting mechanism, but it goes to show that old news sells well.”

And: “Just remember this: the NBER also told us some years back that the prior recession ended in November 2001. Yet because we had a limbless recovery – one hand and one leg perhaps – the bull market in stocks and bear market in bonds was delayed for a year and a half back [then]. And this recovery, with its sub 1 per cent pace of real final sales, goes down as the weakest on record.”

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