Doug Kass Tells Tom Keene: Calls On Double-Dip Recession Exaggerated

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, Doug Kass, president of Seabreeze Partners Management Inc, said that investors should turn bullish on US stocks as data is indicating that calls on double-dip recession are exaggerated. In a radio interview with Tom Keene on Bloomberg Surveillance, Doug Kass mentioned that leading indicators, such as the Conference Board’s Employment Trends Index and the Institute for Supply Management’s index of non-manufacturing businesses, indicate that economy will expand. Kass stated, “There was a lot of hyperbole, especially as it related to the possibility of a double dip… The empirical data, for example, argued in favor of a moderating expansion.” The statements made by Kass oppose the views of Dennis Gartman, an economist and the editor of the Suffolk, Virginia-based Gartman Letter. Gartman had forecast that equities will decline from the highs reached in April. This forecast proved correct when the Standard & Poor’s 500 index dropped as much as 1,022.58 on July 2, after touching the year’s high of 1,217.28 on April 23. However, the index has since then recovered to 1,093.65 today. Read more from

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