Cohen: Recovery On Track, Worst Priced In (GS)

Noted permabull Abby Joseph Cohen told CNBC today that the global recovery is on track and investors have already discounted the bad news out of Europe. Cohen said, "The U.S. economic recovery, even though it's in fits and starts and even though we're disappointed at the rate of the increase in jobs creation, is doing better than most of the other developed economies, including those in Western Europe and Japan." Cohen is president of Goldman's Global Markets Institute. Cohen added further that "potential bad news even under the most unlikely scenarios is discounted in share prices here and in Europe." Abby Joseph Cohen is famous for predicting the bull market of the 1990s early in the decade. However, she failed to predict the dramatic stock market decline and came under criticism for continued bullish calls after March 2000. She also predicted the market would rise in August 2007 just as the subprime crisis was unfolding and the economy plunged into the worst recession since the 1930s.