David Rosenberg: Unemployment Will Hit 12-13%

Credit Writedowns:

David Rosenberg thinks the unemployment rate is headed much higher than anyone anticipates. If you recall, back in January when the stimulus package was crafted, the Obama Administration felt that passing the bill would mean an unemployment rate which would top out at 8.0%. As the situation deteriorated, the President recognized that 10.0% was more likely -- a number we just got last week. But Rosenberg is the only one (except Meredith Whitney) who is talking about 12-13%.

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