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Pundits Debate the Future of Innovation in the US

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LAND OF THE LOST
DailyFeed
In search of reasons for long-term optimism, our market pundits -- even Perma Mega Bears -- frequently cite the prospect of great innovation as a possible reason for Americans to try and remain hopeful.

Gluskin Sheff’s David Rosenberg -- bear of all bears -- recently had this to say, for example:

“Remember how aviation technology accelerated dramatically in the 1930s depression? Nothing is to say that we can’t see major advances in coming years in energy, medical and transportation technologies even as the economy continues to struggle with expunging all the debt and spending excesses of the last cycle.”

For his part, John Mauldin put it like this:

“We work through the ugly and then we get to the 2020s, and I think we will once again be talking about the Roaring '20s! Whole new industries will come into existence….The opportunities are going to be huge. Trillions will be made.”

Not everybody is convinced that America still caters to this spirit of dynamic innovation, however.

Paul Mason of BBC, in his new piece on the economic import of the Christine O'Donnell win in Delaware, had this to say:

"To global business types who know places like China, India, Scandinavia or Singapore first hand, the USA has long since ceased to feel like the most dynamic economy on Earth. But now, and this is crucial, it's ceasing to feel like that for Americans."

For his part, though, Paul Kedrosky of Infectious Greed says the truth is more nuanced. Kedrosky writes that the prospects for innovation differ depending on regions of the nation.

He notes:

“I'd say instead that has bifurcated more than ever, with some parts of the country leading the world in being innovative and outward-looking, while the visible innovation gap to other parts of the country grows larger. Debt no longer creates the illusion of parallel tracks to wealth across regions, so the disparity grows more stark and painful."
POSITION:  No positions in stocks mentioned.
TAGS:  INNOVATION, AMERICAN INGENUITY, US ECONOMY    SOURCE:   BBC
TICKERS:  NYSE:GE, NYSE:SPY, NASDAQ:GOOG   

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