The U.S. economy isn’t likely to recover until “well into 2010,” billionaire investor Wilbur Ross, told “Squawk Box” on Monday.
Ross sees a few problematic areas recovery-wise. He thinks the “recent increase in the savings rate was a positive for the long term, but for the economy in the near term it was problematic as the consumer is cutting spending on products which may help with the economy’s healing”.
He also said the housing market hasn’t stopped going down. “[T]o me, the $6 trillion destruction in people’s net worth, in and of itself, is a big deterrent to spending. The banks are still not making loans…asset-backed commercial paper market has been partly rehabilitated, but not fully.”
Ross on the economy
