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:
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