Recession deniers are making the same mistake as during the dot-com and housing bubbles, top economist David Rosenberg says

• Recession deniers are repeating mistakes from the dot-com and housing bubbles, David Rosenberg says.
• They're ignoring the inverted yield curve, shrinking money supply, and leading indicators, he says.
• The economist warns the stock market typically plummets by about 30% during recessions.

The many experts declaring a recession won't materialize are repeating the mistake they made during the dot-com and housing bubbles, according to David Rosenberg.

"Virtually every economist is doing what they did at the end of 2007, 2000 and 1989 — gazing into the rear-view mirror instead of looking through the front window," the Rosenberg Research president said in his latest memo to clients, published on Tuesday.