David Rosenberg Remains Realistically Gloomy on the Economy

David Rosenberg

David Rosenberg was Merrill Lynch's chief financial guru when the bull wasn't full of shit. He was generally considered a wise, sharp mind who didn't shave the truth to suit some corporate profit goal. Rosie, as he's affectionately known in financial circles, fled to his native Canada shortly after Bank of America acquired ML.

Rosenberg joined Gluskin Sheff and Associates, a Toronto-based finance firm, and continued to call 'em as he saw 'em. Rosie, as he's known among his peers, did not drink the post-Lehman Kool-Aid. He thought -- and thinks -- the US and the overall global economy are struggling mightily. He also believes they will continue to struggle for some time. His pessimism certainly has not settled well with the financial tom-tom beaters, who have tried to con retail investors and a very edgy voting public that "things were better" and that "the recession had ended over a year ago."

Rosie keeps calling Wall Street's publicity bluff. In his most recent newsletter to clients (and a recent interview with Consuelo Mack), Rosenberg talks about how the US economy is the midst of a depression. He defines his terms, brings useful evidence to bolster his points, and states his case plainly. While the news is not cheerful, it is refreshing to read economic analysis that's free of cant and that trusts the truth.

The financial blog Zerohedge.com generally publishes Rosenberg's comments. He's also an occasional guest on Bloomberg Surveillance, its excellent morning radio program. Rosie's thoughts are worth reading, worth listening to, and definitely worth thinking about.