Caterpillar CEO: 'No Recession'

CEO James Owens is upbeat about our economy, which is a good counterpoint to the freakout over a possible recession.

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With Washington in full freakout mode over our economy—which doesn't yet appear to be in recession and has 5 percent unemployment (historically low)—these upbeat comments from James Owens, CEO of global heavy equipment maker Caterpillar, in an interview with Dow Jones at the World Economic Forum meeting in Davos, Switzerland, provide a nice counterpoint.

"I think I'm considerably more optimistic than the mood here in Davos," CEO James Owens said Friday.... Owens said he expects "either a mild recession or a soft landing" on tap for the U.S. economy.... Issues surrounding subprime mortgages "have been with us for a while," and the correction in the wake of the housing bubble is already under way, Owens said.... Owens said he expects to see "a bit of decoupling" between the world economy and the United States, pointing to extremely strong growth in the Middle East, Russia, and other emerging economies, where the commodity boom has fostered strong balance sheets.