The vast majority of corporate chief financial officers do not agree with the recent statement by US Federal Reserve Chairman Ben Bernanke that the "recession is likely over." According to a recent poll, nearly 70% of CFOs believe the recession will continue.
This is startling because CFOs are the most knowledgeable about where the economy is right now and where it is heading.
The major concern at this moment is that economic policies may be developed based on assumptions that may be in error.
Why this matters is that business and consumer confidence is crucial in reviving the economy.
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Definitely concerned about the latest unemployment numbers hitting 10.2%, CIT filing for reorganization bankruptcy, and the imminent turnover of half a trillion dollars in commercial mortgages next year on vacant properties--implying a second credit crunch.
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