Eli Broad: Economy in Worst Slump Since WWII

Wednesday, July 02, 2008 | 03:30 AM

More straight talk from an old hand in the building sector:

"Billionaire investor Eli Broad said the U.S. economy is in the "worst period'' of his adult life as a housing market recovery remains "several years'' away.

"This is worse than any recession we've had since World War II,'' Broad, 75, said in an interview yesterday. Broad, the founder of homebuilder KB Home, said the U.S. should avoid a depression on the scale of the 1930s because the country now has sufficient "safety nets.''

The economy expanded at an annual rate of 1 percent in the first quarter, the Commerce Department said last week. That caps the weakest six months of growth in five years. The U.S. lost 49,000 jobs in May, when the unemployment rate rose to 5.5 percent, the fifth straight month with a drop in payrolls and the biggest jump in the jobless rate in more than two decades.

"This is the worst period of my adult lifetime,'' Broad said, speaking about the U.S. economy. "I do not think things are going to get any better'' before the next president takes office in January.


Click for video

Eli_broad

Check out that chart in the background -- Ouch!

>


Source:
Broad Says Economy in Worst Slump Since World War II
Anthony Massucci and Erik Holm
Bloomberg, July 1 2008
http://www.bloomberg.com/apps/news?pid=20601103&sid=aAZwgRY7yikM

Wednesday, July 02, 2008 | 03:30 AM | Permalink | Comments (8) | TrackBack (0)
de.li.cious add to de.li.cious | digg digg this! | technorati add to technorati | email email this post

bn-image

TrackBack

TrackBack URL for this entry:
https://www.typepad.com/services/trackback/6a00d8341c52a953ef00e5537f18bb8833

Listed below are links to weblogs that reference Eli Broad: Economy in Worst Slump Since WWII:

Comments

Here is the issue I have now--Warren Buffett says to buy when others are fearful, and to sell when others are greedy. What is an investor to do now, with money markets providing only 2%, and GE offering a yield of over 4%?

www.gotshares.com

Posted by: Matthew Rafat | Jul 2, 2008 3:47:55 AM

The comments to this entry are closed.



Recent Posts

December 2008
Sun Mon Tue Wed Thu Fri Sat
  1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31      

Archives

Complete Archives List

Blogroll

Blogroll

Category Cloud

On the Nightstand

On the Nightstand

 Subscribe in a reader

Get The Big Picture!
Enter your email address:


Read our privacy policy

Essays & Effluvia

The Apprenticed Investor

Apprenticed Investor

About Me

About Me
email me

Favorite Posts

Tools and Feeds

AddThis Social Bookmark Button

Add to Google Reader or Homepage

Subscribe to The Big Picture

Powered by FeedBurner

Add to Technorati Favorites

FeedBurner


My Wishlist

Worth Perusing

Worth Perusing

mp3s Spinning

MP3s Spinning

My Photo

Disclaimer

Disclaimer

Odds & Ends

Site by Moxie Design Studios™

FeedBurner