David Rosenberg of Gluskin Sheff was among the few to warn that America faced a nasty recession and a disappointing recovery from the credit bust. Now he reckons America is heading for another downturn.
"Post-bubble deleveragings are a multi-year adjustment process," he says. As the economy concentrates on paying down debt, growth is stunted and vulnerable to setbacks. Consumers, who account for around 70% of the economy, have just begun the long process of paying down their debt, which implies subdued spending. That has been going on for some time, but a new problem is that the fiscal stimulus has dwindled and looks set to be replaced with austerity.
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Review: Eden Roc Cap Cana – fun, sun and golf in the CaribbeanTravel Eden Roc Cap Cana in the Dominican Republic offers everything from relaxing by the pool to a world-class golf course
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Reeves delays cash ISA reform, but savers are not out of the woods yetThe chancellor has reportedly delayed plans to cut the cash ISA limit, which were set to be announced at Mansion House on 15 July, and will take more time to consult with the industry
