- For the Jobless, 10% is Harder Than Before
- Week Ahead: Stocks Search for Catalyst in Quiet Week
- Outlook: Dollar Likely to Ride Higher on Bleak Jobs Report
- Buffett's Berkshire Hathaway Says Net Income Tripled
- Cramer: Earnings, IPOs Dominate Next Week
- Buying Fear: How to Own Volatility
- Administration Rejects Plan to Buy Fannie Mae Credits
- Consumers Haven't Changed —They Just Got Pickier
- Want the Homebuyer's Tax Credit? Here Are Some Tips
- Tommy Lee, Medical Tourism and Nasty Santa, Your Emails
- U.S. Markets Gain 3% for the Week Despite 10.2% Unemployment
- Disney's 'Carol' Tests Widest 3-D Release Ever
- Stimulus II? Jobs Tax Credit=Cash For Clunkers
- Rockwell Automation Earnings: What Options Are Saying
- Gold Will Touch Higher Lows and Higher Highs: Analyst
- Is Misery Alive And Well in Your Office?
- Consumers Haven't Changed, They Are Just Pickier
- Watch Foreclosures, Seriously
Text Size 
The US economy will avoid recession as the housing market begins to recover this spring, according to billionaire investor Sam Zell.
Speaking on "Squawk Box" this morning, Zell attributed much of the current economic troubles to fear-mongering and politicking by Democratic presidential contenders Hillary Rodham Clinton and Barack Obama.
"Obviously what we have going on is an attempt to create a self-fulfilling prophecy," said Zell, chairman of Equity Investments Group and owner of the Chicago Cubs, Chicago Tribune, Los Angeles Times and other companies. "We have two Democratic candidates who are vying with each other to describe the economic situation worse.
"The reality is that if you live on Wall Street and you're in the credit markets the world couldn't be worse. If you're a farmer and you're getting $25 for your wheat, you're having a great time. If you're a CEO and you've got a balance sheet that's bullet-proof, you're in a great position. This whole thing is way out of control, way out of hand."
Zell said that although he doesn't try to pick bottoms in markets he believes housing has hit its nadir and will turn around this spring as inventory clears out.
As for the credit situation, he projected that once markdowns are out of the way banks will begin to regain their footing.
In the wide-ranging interview, Zell also voiced support for Federal Reserve Chairman Ben Bernanke.
"I think he should be renewed when his term is up. I think one of the positives of the United States is having people in the position of the Federal Reserve (chairman) for long periods of time," Zell said.
"I think Bernanke's reduction in interest rates has been spot-on, because basically we're going to fix the credit markets by creating a big enough spread between the risk-free cost of capital and what's available so that greed overtakes fear and the game begins again."):
Print
Email
- Rumors abound that Oprah will leave her show to start a new network. What would this mean for daytime TV?
- Berkeley's Chez Panisse and the trend of eating locally grown, pesticide-free seasonal foods.
- Cramer did the research and found eight stocks that lead the pack. Read on to get his top picks.
- Did Hideki Matsui’s performance make it more likely that the Yankees will pay to have him back?
- Which wines should you bring—or serve—with holiday meals this year? Ask a connoisseur.
- Two competitors in this year’s World Series of Poker in Las Vegas have stories fit for Hollywood.
Data is a real-time snapshot *Data is delayed at least 15 minutes