Up is down, black is white, dogs and cats are living together and now reliable bear David Rosenberg is going bull.
Rosenberg (left), former economist at Merrill Lynch & Co. who now is chief economist and strategist of the Canadian firm Gluskin Sheff, wrote commentary this week titled “Parting of the Clouds?” that is causing quite a stir.
The reason for his sudden optimism? Gov. Scott Walker’s survival of the recent recall in Wisconsin, combined with austerity measures approved by voters in San Diego and San Jose, Calif.
“If liberal California recognizes the depths of its public-sector union problems, no doubt others will too,” he noted, quoting an Investor’s Business Daily editorial before adding, “Amen to that.”
“As it stands, the average college student has an average debt load of $30,000 and the male unemployment rate for those between 20 and 24 years old is 14%,” he wrote, temporarily echoing his pessimistic persona. “That, my friends, is the statistic that keeps me up most at night.”
Explaining that it’s all about “resolve, courage, discipline … and the right political moment to strike,” he added that he could “sense it coming down the pike.”