VIDEO: Economist Says Current Slump Is A Repeat Of The Oil Crisis, Not The Recession
The US hasn't hit a full-blown recession yet, despite high-rollers' predictions of it being right around the corner. But what we are seeing is weakness in energy-dependent areas, as oil prices tumble below $30 per barrel.
"We don't have broad economic weakness in the US at all," Credit Suisse economist James Sweeney tells Bloomberg. "We have mining sector, railroad sector, energy sector weakness."
In fact, he says we will see the Fed go through with more rate hikes, citing high employment and wage growth.
In Bisnow's Video Of The Day, Sweeney breaks down how the current slump isn't the second coming of the Great Recession, but more a re-enactment of 1986's oil crisis.