Robert Albertson - America's slow recovery

17 Oct 2011 Bloomberg

Robert Albertson is head of investment strategy at Sandler O'Neill & Partners. Every word he says is the truth.


Presenter --
Look at this -- this is what pros look at! What's the most important chart in this book?

Robert Albertson --
Well the most important chart is the chart on jobs [Beautiful] which we've talked about before. It flattened in 2000. We went off the track 10 years ago and obviously this recession has done enormous damage since. That's the problem.

Presenter --
Can public policy jump start jobs?

Robert Albertson --
Sure it could if it weren't trapped in politics. It's really degraded to maybe the worst I've ever remembered. They're not dealing with issues, they're dealing with blame.

Presenter --
{Shows non-farm payrolls graph I think}

Here's the flattening....It is unique within three generations!


Robert Albertson --
It is very sad and the problem is going to be that we're going to see the unemployment rate go down over the next few years. But it won't tell you the truth because there will be so many people unemployed structurally [Amazing]


[On Consumption]

Presenter --
Some cities are doing great but the rest of America is really struggling.


Robert Albertson --
The bulk of the momentum in the consumer is flat out now. It's not going to pull us out of this. Our economy is imbalanced to rely too heavily to rely on the consumer [!]. We've got to go to the other side. We've got to build our GDP now on manufacturing, investment, exports. The things that we were good at before.

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