Word: rosenberg
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Economist David Rosenberg, of investment firm Gluskin Sheff & Associates in Toronto, says Canada's trade deficit is the result of an overvalued loonie bumping up against a lingering downturn in U.S. consumer spending. "The Canadian dollar's overvaluation is a major impediment to the manufacturing sector," says Rosenberg, former chief economist at Merrill Lynch in New York City, noting that the loonie has overshot its real value by about...
That's apparently what happened to Rodrigo Rosenberg, a corporate lawyer murdered on May 10 while biking near his home. In a twist that's macabre even for Guatemala, Rosenberg had taped a video three days earlier in which he anticipated his assassination and put the blame on President Alvaro Colom and his imperious wife Sandra Torres. They deny it, saying their right-wing foes coerced Rosenberg into making the video and then had him killed...
...nation has begun to confront the benighted lawlessness that plagues not only Guatemala but most of the rest of Central America too. Younger Guatemalans, organizing protests via social-networking sites such as Facebook and Twitter, have turned out by the thousands to protest their putrid judicial system and festoon Rosenberg's murder scene with banners. "Older people say they haven't seen an awakening like this in 60 years," says Alejandro Quinteros, 26, a cherubic fast-food manager and political novice who helps lead the National Civic Movement. "We're not afraid anymore...
...downdraft on June 15 in stock prices was more than a result of lackluster buying. Traders were lightening portfolios as signs of continued economic weakness trumped talk of green shoots and recovery. As David Rosenberg of money manager Gluskin Sheff noted in a Monday-morning report, year-over-year economic numbers are simply awful: raw-steel production (-47.3%); lumber production (-32.6%); railway traffic (-20.1%); electrical output (-12.9%). Such negative numbers, in Rosenberg's view, "hardly paint the picture of an imminent recovery...
Still, it is likely to be a while before we hit that new normal. Rosenberg points out that during the Great Depression, the worst of GDP contraction and stock-market losses had hit by the early 1930s. And yet the malaise carried on for the rest of the decade. Unemployment hung above 15%, and people didn't spend money. "Even people who had the means didn't go on buying sprees. That's not how they lived," says Rosenberg. We may now be in for some of the same...