Economist Martin Feldstein, former head of NBER , which dates US recessions, had the following to say earlier today:
"I'm afraid that the economy will continue to slide down well into next year"
Feldstein is currently a member of Obama's Advisory Team and goes on to also state:
"I don't know when it will end, but the forecasts that it'll end later this year I think are too optimistic"
Apparently Feldstein's opinion is not shared by the rest of Obama's team - here is a quote from Christina Romer, Chairwoman for the White House Council of Economic Advisors:
"I have every expectation, as do private forecasters, that we will bottom out this year and actually be growing again by the end of the year"
Hmm... glad to see everyone is on the same page... Feldstein actually got out ahead of his own organization (NBER) as well as most economists when he stated in April of 2008 that the recession had likely begun in December of 2007 or January of 2008. Feldstein believed at the time that the recession could run much longer than expected and that it had yet to be factored into the market.
That call was right on the money... have to stick with the winners.
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