Feeds

Gates predicts 'significant' US recession

Place your faith in Spam

The Power of One Infographic

The oracle of Redmond Bill Gates is back, predicting the US economy will suffer a "fairly significant recession" and unemployment will surpass nine per cent.

Bloomberg reports the Microsoft chairman-come-Windows-pitchman offered dreary divinations of American job rates to gathered alumni at the centennial celebration of the Harvard Business School in Boston.

Gates, awarded an honorary degree from Harvard in 2007 after dropping out in 1975, said a perception of a strong US economy had lead many investors to make unrealistic expectations of high returns when things were looking more rosy.

The US national employment rate of 6.1 per cent was unchanged in September, following a 0.4 per cent rise in August. That puts the total number of unemployed at approximately 9.5 million.

Gates is likely guilty of imprudent investments himself. The recent economic upheaval has damaged Gates' investments, ending his 15-year reign as America's richest person. The top honor now belongs to philanthropist Warren Buffett.

Before any readers re-stock their unused Y2k bunker, keep in mind Gates' track record of predictions include gems like declaring in that Spam email will be "solved" in two years time - back in 2004. Let worries be soothed by having several dozen Nigerian princes requesting up-front expenses to transfer millions of dollars to your bank account only a click away.®

Boost IT visibility and business value

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
Nadella: Apps must run on ALL WINDOWS – PCs, slabs and mobes
Phone egg, meet desktop chicken - your mother
ITC: Seagate and LSI can infringe Realtek patents because Realtek isn't in the US
Land of the (get off scot) free, when it's a foreign owner
HP, Microsoft prove it again: Big Business doesn't create jobs
SMEs get lip service - what they need is dinner at the Club
Samsung threatens to cut ties with supplier over child labour allegations
Vows to uphold 'zero tolerance' policy on underage workers
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
US freemium mobile network eyes up Europe
FreedomPop touts 'free' calls, texts and data
prev story

Whitepapers

Seven Steps to Software Security
Seven practical steps you can begin to take today to secure your applications and prevent the damages a successful cyber-attack can cause.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.