Gary Shilling: Recession Not Over, Q4 Will Be A Huge Disappointment

Bearish Gary Shilling is sticking by his guns:

* The US economy will only grow 2% per year over the next decade, thanks to the clobbered consumer

* Excess supply will keep driving prices down

* The Fed won’t implement an “exit strategy” for years

* Yes, Q3 GDP will be positive, but Q4 will go negative again and the market will collapse in disappointment.  The recession won’t end until the middle of next year.

Here’s a clip of Gary on Bloomberg this morning:

In case you haven’t seen it, here’s Gary’s thesis spelled out in detail:

Gary Shilling: Stock Market Will Collapse As Consumers Retrench >

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