Ross: Recession to Last Until 2010

“I think there are some parts about (the stimulus package) that are good. I think though it’s not going to be a silver bullet that solves everything in a very short order. Even the tax things are going to take some months to start, then they come in very gradually over time. The infrastructure things come in certainly very slowly over time…I think it’s a good idea, but it’s going to take a while, so to me the earliest anything good will happen is sometime in 2010.”

He also suggested the government's mortgage plan for stemming foreclosures should be broadened. Principal reduction options should be available for both performing and non-performing mortgages, he intimated.