Economist Gary Shilling spoke about the outlook for the U.S. economy with Bloomberg Television and said that the S&P 500 will drop 43% from its recent level this year. Shilling said, "the analysts have been cranking their numbers down…I think that is true because you have foreign earnings that don't look good because of recession unfolding in Europe, stronger dollar…a hard landing in China."
Shilling also said that, "in the U.S., we could see a moderate recession led by consumer retrenchment."
