Some economists and politicians have declared that the recession over, but CNBC’s “Closing Bell” anchor Maria Bartiromo has some serious doubts.
“I think, clearly, we have seen a real change in the economy,” Bartiromo told Newsmax.TV's Kathleen Walter. “I think we’ve seen things improve from the worst. I don’t think necessarily we have evidence that we’re going to see vibrancy any time soon. We may very well bump along the bottom for a little while.”
Nicknamed the “Money Honey” for her good looks and financial savvy, Bartiromo made the comments as she and Walter took a breather from interviewing world leaders and business executives attending the Clinton Global Initiative in New York City.
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Bartiromo said she’s watching job creation numbers closely and believes they are key to a quicker recovery.
“Even if we are in recovery (and) no longer recession — I don’t necessarily think we’re going to feel all that different, given the fact we have a slow recovery and we continue to see unemployment rising. So, until we see the unemployment situation reverse course, I would be hard-pressed to do much celebrating.”
Walter asked Bartiromo whether President Barack Obama’s $787 billion economic rescue package is doing what many had hoped to revive the economy.
“The stimulus money coming out of the government has not necessarily been felt in its entirety,” she said. “I wouldn’t say that it hasn’t worked, but I think we need more time to actually see the evidence that it has worked, because I do think we remain pretty sluggish from an economy standpoint.”
Bartiromo told Walter she believes the Federal Reserve stimulus, creating liquidity for the financial sector, has been quite effective and pointed to an improved and rising stock market as a sign of increased public confidence.
However, the dollar's downward trend has been worrisome, she said.
“I think the fact that over the last year and a half we’re even having a conversation on a national and international basis about whether or not the dollar should be the reserve currency is extraordinary in itself. So, from that standpoint it is a worry that people are even discussing whether or not the dollar should be the long term reserve currency. Having said that, look. The U.S. is in debt. We have major deficits, and I think until we see a true reversal in that — which is not going to be for some time — the dollar is going to stay where it is.”
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