Nobel Prize-winning economist Joseph Stiglitz said on Monday he is "very uncomfortable" with current stock market levels, arguing they do not equal a strong economic recovery in the United States.
"The reason the stock market is high, in part, is that interest rates are low, wages are low and the emerging markets are still growing much faster than the U.S. economy, let alone Europe," Stiglitz said. He pointed to the fact that many U.S.-listed multinationals are increasingly getting a large chunk of their profits from emerging markets.
"These very strong stock market prices are in a sense a symptom of the weak economy, not a symptom that we are about to have a strong recovery to our real economy," he said.
Comments
Log in or sign up to join the conversation.