By Joe Weisenthal and Rob Wile
One of the speakers at this week’s Big Picture Conference was David Rosenberg, the famously bearish chief economist of Canadian wealth management firm Gluskin-Sheff.
Rosenberg is often labeled a perma-bear, which is something he denied vehemently, but he definitely presented a glass-half-full view of the economy, using charts to argue that the U.S. will be facing demographic and debt-related headwinds for years to come.
According to Rosenberg — who jokingly put on a pair of rose-tinted glasses at the start of his presentation — the U.S. is at best halfway through the deleveraging. The stock market, he says, is only up by dint of Fed intervention, and that there are already signs that the latest bout of QE-Open Ended is not having the same effect as last time.
