10/16/09 Stockholm, Sweden – Despite the fog of post-Dow 10,000 hoopla, CNBC found its way to interview the strategist and N1 Asset Management CEO Nicu Harajchi who, practically right out of the gate, said that the current “global recession will turn into a full-blown depression.”
He pointed to the G20 with “cross border capital injections of $5 trillion this year” that have only served to boost financial services firms, and particularly those on Wall Street. He criticized efforts at stimulus which is not “not seeing Main Street making any money,” and noted that this is the case in the US, Europe, and Asia.
At the same time, Harajchi pointed to practical concerns that increasingly unemployed consumers are “struggling with their mortgages, with their credit,” and there’s no real end in sight.
More specifics are available from the CNBC video and article, and hat tip to The Coming Economic Depression that put this recession to depression coverage on our radar.
Rocky Vega
Rocky Vega is publisher of The Daily Reckoning. Previously, he was founding publisher of UrbanTurf and RFID Update, which he operated from Brazil, Chile, and Puerto Rico, and associate publisher of FierceFinance. He specialized in direct marketing at MBI, facilitated MIT Sloan School of Management programs, and has been featured on CBS. Vega graduated with honors from Harvard University, where he was on the board of Let’s Go Publications and directed business programs involving McKinsey, Goldman Sachs, and Harvard Business School faculty. He is also enrolled at the Stockholm School of Economics.
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i got news for you babycakes….we is in a full fledged depression now….it is not a future event