Add famed investor Jim Rogers to the list of people who think the economy is heading down the tubes.In an interview with Bloomberg Television, Rogers predicted that "it's going to be one of the worst recessions we've had in a while because we had so many excesses going into it. It's going to be bad for all of us as currencies come under more and more stress and we have more inflation in the world.''
Moreover, Rogers, who already was bearish on the U.S. dollar, said he hopes to have all of his assets in other currencies by the end of the year. He also predicted that the greenback will be "under duress for many years to come."
Rogers, the head of Rogers Holdings, is hardly the only nervous Nelly about the economy. In a separate interview, with Bloomberg News, Harvard University's Martin Feldstein pegged the odds of a recession at more than 50%, adding that consumers "are going to be a little more reluctant to spend, and that is going to put a further drag on growth in 2008.''
Of course, all of this is great news for the Democrats and bad news for the Republicans, particularly former Massachusetts Gov. Mitt Romney, heading into tomorrow's New Hampshire primary. Romney has been touting his experience in corporate America to voters. But voters aren't keen on corporations these days, which is why he's losing ground to Mike Huckabee.
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Reader Comments (Page 1 of 1)
1-07-2008 @ 2:08PM
Campbell said...
Your right Jonathan about Americans no longer found of corporations. I this case we someone in Washington to knows how these creeps operate and to fundamentally change (there's that word again) how business is conducted in Washington. Corporations have turned into multi-national global corporations. They are far worse and are far more devastating to whole countries and their economies. We need a president who will protect the American worker and our economic future. McCain will sell us out and Obama will suffocate us with socialism. I won't even touch Clinton.
1-07-2008 @ 2:09PM
David Huston said...
Actually, the state of the economy is bad news for all of us, including Democrats, and the responsibility for it rests on the normal migrations of the market, or on the Republicans in power, depending on your view of laissez faire government.