Message: Billionaire Broad - U.S. in Worst Recession since W.W. ll
Broad Says U.S. Economy in Worst Recession Since World War II
By Anthony Massucci and Erik Holm
(excerptts)
July 1 (Bloomberg) -- Billionaire investor Eli Broad said the U.S. economy is in the `worst period' of his adult life as a housing market recovery remains ``several years'' away.
``This is worse than any recession we've had since World War II,'' Broad, 75, said in an interview yesterday. Broad, the founder of homebuilder KB Home, said the U.S. should avoid a depression on the scale of the 1930s because the country now has sufficient ``safety nets.''
``This is the worst period of my adult lifetime,'' Broad said, speaking about the U.S. economy. ``I do not think things are going to get any better'' before the next president takes office in January.
Selling off vacant, unsold homes could take ``several years,'' Broad said.
``I think housing is going to continue to have a corrosive effect on consumer psychology and the economy in general to a far greater extent than people think, or even far greater than I thought about a month or two ago,'' he said.
``I worry about the future of America,'' said Broad. ``It's time to regroup and redefine our place as a country and that's tough to do.''
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