“The U.S. will not be going into recessions anytime soon,” Thorpe said.
“Recessions don’t just happen,” he added. “First we need to see
imbalances somewhere in the economy — too much credit, too much exuberance in
any particular sector.” Equity markets, oil prices, what the Federal Reserve
does with interest rates and “wild cards” could change that, of course, but in
general, Thorpe was confident that the economy is strong and will remain so for
the immediate future. “Of course there will be another recession at some
point, and the next question becomes ‘What will the next recession look like?'”