Tags: Ross | wilbur | Economy | Bumbles | Washington | Stumbles

Ross: Economy Bumbles as Washington Stumbles

By    |   Tuesday, 14 Jun 2011 01:13 PM

Washington’s weak policy moves are largely responsible for the economy’s fitful recovery, says star vulture investor Wilbur Ross.

Indeed, the economy is "bumbling along," he tells CNBC.

"It's not going to be a 'W' (recovery) or a 'V' or an 'L' or another alphabet letter,” says the CEO of W.L. Ross & Co. "It's going continue to be punctuation — dots, dashes, question marks, exclamation points, one strong month, one weak month — a very fragile economy."

And Washington bears much of the blame – for ineffectual housing policy and the National Labor Relation Board’s attempt to prevent Boeing from locating a plant in South Carolina, Ross says.

wilburrossgetty200.jpg
Wilbur Ross
(Getty Images photo)
As for the Boeing brouhaha, "This kind of thing is bad because it's unsettling to companies," he said.

"Business has a terrible time adjusting to uncertainty. Good news they can adjust to, bad news they can adjust to. Uncertainty makes it very, very hard to make long-term commitments."

As for housing, Ross said. "All the meddling has not fixed residential real estate. If anything, I think it's made it worse, because it's extending out the foreclosure time lines and putting on more uncertainty and more downward pressure."

Lawrence Summers, a former top economic adviser to President Barack Obama, also sees a need for policy changes, but a bit differently than Ross.

“(Fiscal) stimulus should be continued and indeed expanded,” Summers writes in the Financial Times.

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Washington s weak policy moves are largely responsible for the economy s fitful recovery, says star vulture investor Wilbur Ross. Indeed, the economy is bumbling along, he tells CNBC. It's not going to be a 'W' (recovery) or a 'V' or an 'L' or another alphabet letter, ...
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Tuesday, 14 Jun 2011 01:13 PM
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