US Economy : GDP estimates are more likely to be revised downward than upward

"As we have seen in recent years, GDP estimates are more likely to be revised downward than upward in subsequent data releases. So there is a very good chance that the first quarter estimates will be revised into negative territory. This means that we may be already half way to a recession (which is defined as two consecutive quarters of negative growth)." - in Schiff Radio


Peter Schiff is a well-known commentator appearing regularly on CNBC, TechTicker and FoxNews. He is often referred to as "Doctor Doom" because of his bearish outlook on the economy and the U.S. Dollar in particular. Peter was one of the first from within the professional investment field to call the housing market a bubble. Peter has written a book called "Crash Proof" and a follow-on called "The Little Book of Bull Moves in Bear Markets". He is the President of EuroPacific Capital, which is a brokerage specializing in finding dividend-yielding, value-based foreign stocks.