Recession Naysayers Hold Out
Taking a contrarian view can be a grizzly experience.
It is for MKM Partners' economist Michael Darda, who believes all the recent hype in the markets about a recession is overblown. Darda, a frequent business television guest, appeared on CNBC Jan. 2 sporting a new beard. Darda told TheStreet.com that he will not shave the beard "until the recession talk ends or housing recovers, whichever comes first."
Darda is a member of a small and increasingly frustrated crew of economists and market strategists who refuse to jump onto the recession bandwagon, despite its increasing popularity.
Since 2008 began, market participants have become ever more pessimistic about prospects for the U.S. economy to pull out of the current housing and financial crisis without contracting. The housing market continues to decline as borrowers face more mortgage-rate resets and as bad loans mount on lenders' and banks' balance sheets.
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