Thursday, August 6, 2009

Is the Recession Over?

When economist Dennis Gartman told subscribers of his newsletter in the fall of 2007 that the U.S. was entering a recession, the Dow was at 13,500, and the official government call wouldn't come for another full year.

Now he's ahead of officials and forecasters again. According to Gartman, the U.S. recession that started in December 2007 is done.

"We saw it happen two weeks ago -- it's over," he said in a recent interview.

Other well-known economists and market watchers have recently been hinting at the same thing. NYU economics professor Nouriel Roubini, also known as "Dr. Doom" for his prescient predictions of the worldwide downturn, says the U.S. recession will end later this year. Treasury Secretary Timothy Geithner said last weekend that the recession is easing. And President Obama told Univision last week, "We maybe are beginning to see the end of the recession."

But Gartman says the Great Recession ended in July.

read the CNN article

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