Markets guru David Rosenberg says the tech-stock frenzy reminds him of the dot-com bubble - and warns the US economy is barreling towards recession
The former chief North American economist at Merrill Lynch also highlighted the S&P 500's resilience, the very tight labor market, the Federal Reserve raising interest rates sharply, the protracted yield-curve inversion, and widespread hopes among investors for a"Rosenberg weighed in on AI and the dot-com craze too, suggesting that"both have enormous economic and productivity influences, but both also involved financial asset bubbles that popped in dramatic fashion.
"The smug complacency in 2000 looks eerily similar to what we have on our hands today," Rosenberg said, adding that a recession is"coming sooner than you think."is signaling a 99% chance of a recession, and based on past economic cycles, that may mean the downturn arrives before the end of this year.
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