Why QE3 in Sept. - We already are in a recession per Gary Shilling
Shilling says a new recession has begun in the U.S.
- in the second quarter — following on the heels of the recession in Europe. He says the current recession is different from previous ones because it wasn't caused by rising rates or another housing downturn but rather a drop in consumer spending due to a weak job market.
"We've had three consecutive months of declines in retail sales," says Shilling, president of A. Shilling & Co., an economic research and forecasting firm. "That's happened 29 times since they started collecting the data in 1947, and in 27 of the 29 we were either in a recession or within three months of it."
read or hear full interview