Tags: murdoch | recovery

Murdoch: This Is an L-Shaped Recovery

By    |   Wednesday, 25 Nov 2009 10:16 AM

News Corp. CEO Rupert Murdoch says the U.S. economy has begun an L-shaped recovery, limited by rising unemployment.

“I think that if we can judge it from advertising and the mood, there's a slight revival,” Murdoch told The Wall Street Journal.

“I don't really think it's a big one. I think it's an L-shaped revival. You've got a huge number of unemployed here in the U.S. today, and we won't get that cured or those people re-employed until we get the formation of small business on a big scale.”

Unemployment hit 10.2 percent in October, and many experts think it will surpass 11 percent next year.

“At the moment, the mood in this country is clearly an anti-business climate, and a real suspicion that we have a president who doesn't believe in the market system,” Murdoch says.

“It's not an overstatement to say that perception exists. It may be a wrong one, but it's a very damaging one.”

Given that sentiment and the prospect of higher taxes and healthcare reform, people who are considering starting a new small business will sit on their hands and wait, he maintains.

Others are concerned about the recovery’s strength too.

San Francisco Fed President Janet Yellen said in a recent speech, "The durability of the expansion is in question. Some of the rebound is due to temporary government programs and a swing in inventory investment that will not provide an ongoing source of growth."

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News Corp. CEO Rupert Murdoch says the U.S. economy has begun an L-shaped recovery, limited by rising unemployment.“I think that if we can judge it from advertising and the mood, there's a slight revival,” Murdoch told The Wall Street Journal. “I don't really think it's a...
murdoch,recovery
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2009-16-25
Wednesday, 25 Nov 2009 10:16 AM
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