BlackRock's Bob Doll: U.S. Is Not in Recession
Here is what he said:
-- U.S. Economy: Not that bad, but we are not in recession. Lack of confidence is destroying the markets.
-- U.S. Corporations: In best shape in a decade. They had okay top-line growth and earnings have been good. Cash flows are even better and cash on balance sheets is huge.
-- Uncertainty with global economy and policy paralysis is leading to U.S. corporations hoarding cash to strengthen balance sheets.
-- S&P yield being higher than the 10-year Treasury shows all bad news is already reflected and it is attractive.
Here is the video: