The recession is over, according Leon Cooperman, chairman & CEO of Omega Advisors. He believes the recovery from this point onward will be “square root-shaped.”
“It’s the result of deleveraging—the consumer have to lift their savings rate, corporations have to improve their balance sheets, and government has to get the house in order,” Cooperman told CNBC.
“We have to have a heightened awareness—it’s not business as usual."
Cooperman said he is cautiously optimistic about the economy and warned that unemployment is going to remain “very high” for a long time. However, he said the markets will be slightly higher by year-end.
“We’ve had this meteor rise off the bottom, but that bottom was probably the lowest you’ll see for the next 30 years,” he said.
"We’ll make further progress into 2010, assuming we’re right that this is sustainability to the economic expansion when it comes about and I think we’re bottoming around now.”
No immediate information was available for Cooperman or his firm.
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