Stiglitz: Recession 'Nowhere Near' Over

Put away the celebratory party hats: Nobel Prize winner Joseph Stiglitz said that the U.S. recession is “nowhere near” an end despite the fact that the economy's third-quarter growth increased by a rate of 3.5 percent. Stiglitz, who is the former chief economist at the World Bank, told an audience in Shanghai that those numbers were inflated by the Obama administration's stimulus spending and would be "miserable" otherwise. The economist's gloomy forecast included the prediction that unemployment numbers would increase, saying “Growth won’t be fast enough to bring down the unemployment rate.”