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The End Of The World As We Know It?
But, according to some portfolio managers and financial advisors, persistently high — even devastatingly high — unemployment could easily derail the recovery and cause stocks to plunge.
"We are looking at the situation as the next Great Depression at our doorsteps," says Michael Rubino, chief executive of Rubino Financial Group, a wealth management firm in Troy, Mich.
"We expect unemployment to reach Great Depression levels [of 25% at the peak] by 2011 or 2012. Boy, we hope we’re wrong."
Let it sink in for a moment: 25% unemployment.
Rubino’s view may be extreme, but there’s no question…
23Jul2009 | The Real Deal | 0 comments | Continued
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