In my line of work I’m used to opposing opinions, but even I have to admit the “great debate” raging on Wall Street is getting a bit dizzying. You know the one. It’s the Bulls vs. the Bears. It’s the deepening Recession (or Depression as some would say) vs. the painfully slow, but improving, Recovery.
I spent time before Labor Day at the annual Ambrosetti conference, where Europe’s top bankers, financiers, business leaders and economists gather to discuss the financial state of the globe. Given the setting on Lake Como in spectacular northern Italy, you might think the participants would be more relaxed and optimistic. Heck, how bad can it be when the sky is blue and the Barolo is a rich, dark red?
Well, let’s just say the crowd laughed when I had to challenge NYU professor Noriel Roubini to come up with at least one shred of good news after he gave his dark outlook.
The Recession Camp