According to Jeff Cox at CNBCthe US economy is teetering on the brink of a second recession—not a double-dip—even though the stock market remains strong, economist David Rosenberg told CNBC. With unemployment high, housing slumping and Washington locked in a heated debt debate, the Gluskin Sheff strategist warned that it won't take much to trigger another downturn.
"Everything is telling you how soft the underbelly of the economy really is," Rosenberg said. "We're just one small shock away from the economy going back into recession."
A consistent economic bear, Rosenberg nonetheless said the stock market has performed well due to swelling corporate profits and general optimism that the nascent second-quarter earnings season will be strong. "I don't think the stock market can stay divorced from the economy indefinitely," he said.....
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