We really love reading Mr. Rosenberg’s commentary. Mainly because he has not changed his argument against the U.S economy for a very long time. Even as we are seeing those famous “green shoots” during the past several months grow into saplings, he is still talking his talk.
Every day, he brings us a ray of sunshine cloudy outlook that provides us with another way to look at the data. Whether you like it or not, he is a good source of sensible information. Of course, he has been wrong on some matters…..
According to Mr. Rosenberg.
What a difference a year makes. A year ago, China was embarking on massive fiscal and credit stimulus, it was all about saving insolvent banks and it was all about fiscal reflation. Now, it is the opposite, China is withdrawing the stimulus, as is the U.S, and being critical of banks has become a pastime.
• The U.S. consumer looks fatigued
• The U.S. economy would be contracting without the stimulus
• Don’t uncork the ISM champagne just yet
• U.S. labour market angst continues unabated — there are now 19 states with a jobless rate topping 15%
• More good news for the Republican party
• U.S. housing still in the doldrums — total shadow inventory continues to raise, homeownership rate continue to fall
• Hey, the news isn’t all that bad — indeed, the U.S. earnings season is actually coming in quite decent
Disclosure: Horowitz & Company clients may hold positions of securities mentioned as of the date published.