Barton Biggs: I've Gotten Way Less Bullish, And The Super-Committee Failure Raises The Odds Of A Double Dip

The news du jour is that the super committee will announce today that it has failed to reach a deal on $1.2 trillion in deficit savings.

In an interview with Betty Liu on Bloomberg TV, Barton Biggs, money manger of billion dollar hedge fund Traxis Partners has said that he expects the failure of the super committee along with the news coming out of Europe to send the U.S. into a double dip recession in 2012. 

Biggs said “”I’ve been wrong in being too optimistic about the outcome in the U.S.” and that the “current spurt in the U.S. economy is going to fade into next year.” He’s also gone from 80% long equities to sub-40% and is going to take it down further.

Watch the interview from Bloomberg TV:

Don’t Miss: 7 Ways Your Brain Makes You Lose Money >

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.