Excellent analysis from one of my favorite economists, David Rosenberg, who explains to CNBC why growth has been slow during this current recovery. We are not in a typical manufacturing based recovery as we have seen over the previous few decades. We are recovering from what he terms a "balance sheet" recession, meaning too much debt was taken on by business, consumer, and government balance sheets. I call it a depression.
We get some humor at the end when Steve Liesman tells Rosenberg we will not get another recession because "the economy does not need it right now." This is why Liesman is considered the media's spokesman for the White House.