“Tony James, who leads New York-based Blackstone, said most of the industrial sector, excluding aerospace and automotive companies, is already in recession, and he expects no growth in earnings in the Standard & Poor’s 500 index of large U.S. companies this year. He also cited factors such as financial strain on consumers, while saying wage growth is one positive sign.  A rise in interest rates won’t have a major impact on the economy or on markets, said James. Rates, which have been ‘too low for too long,’ have ceased to spur growth, he said, and may even have hurt employment because they can encourage companies to invest more in operations than in labor.”

http://www.bloomberg.com/news/articles/2015-11-18/blackstone-president-james-sees-potential-u-s-recession-in-2017

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