Howard Ward, a growth portfolio manager at GAMCO, made a rather naive and stupid pair of remarks this morning, and it's not even 8AM.
First he asserted that there have been 'five or six weeks of good economic news' in the US, so "we're doing okay."
Really? 9% unemployment and 2%+ GDP growth is okay Howard? Wow, I'd hate to see bad.
Ward then proceeded to declare that even as Europe slips into a recession,
'The rest of the world can keep on growing and Europe can have its recession separately.'
Where has Ward been for the past two decades? Global interconnection of supply chains and US companies' dependencies, especially recently, for growth overseas has resulted in a much more correlated global economic picture than ever before.
Europe is a huge economic trading bloc. Growth in one of its larger member countries, Italy, is projected to be negative next year.
I guess CNBC is desperate for guests if they're getting this caliber of pundit on their morning program.
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