Rupert Murdoch: The Worst Is Over
The worst of the global recession could be over, predicts media tycoon Rupert Murdoch, owner of The Wall Street Journal.
The tide might be turning, said News Corp chairman Murdoch in an earnings call with analysts and reporters.
"I'm not an economist, but it is increasingly clear that the worst is over," Murdoch said in remarks reprinted by the Silicon Alley Insider.
"As you know I have been increasingly pessimistic. But there are emerging signs that the days of precipitous decline are done."
Murdoch said it appears that advertising is coming out of its slump. The marketplace is likely to see advertisers come back, he said, the Wall Street Journal reported.
"I think that everybody was in shock by the economy and all the business that was falling off a cliff in the last three months of last year, including me," he said.
"And we saw the disappearance of advertising and business in January and February. But now we're seeing people coming back into the advertising market, and spending."
San Francisco Federal Reserve Bank President Janet Yellen said she believes the economy will start turning around later in 2009, echoing Fed Chairman Ben Bernanke's sentiment, The Wall Street Journal reported.
Yellen said she believes the recession will start to wane and the country's gross domestic product will start to rebound in 2009. She made her remarks to a meeting of Australian Business Economists via satellite.
"It takes less than you might think for real GDP growth rates to turn positive," she said
Bernanke hinted at signs of optimism, stating that the economy could see a recovery in the near term with the housing market showing signs of improvement.
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