Real Estate Investor Sam Zell identifies the source.

The US economy will avoid recession as the housing market begins to recover this spring, according to billionaire investor Sam Zell.

Speaking on “Squawk Box” this morning, Zell attributed much of the current economic troubles to fear-mongering and politicking by Democratic presidential contenders Hillary Rodham Clinton and Barack Obama.

“Obviously what we have going on is an attempt to create a self-fulfilling prophecy,” said Zell, chairman of Equity Investments Group and owner of the Chicago Cubs, Chicago Tribune, Los Angeles Times and other companies. “We have two Democratic candidates who are vying with each other to describe the economic situation worse.

Zell should have added the stock market’s turmoil wouldn’t be occurring if there was a real Republican candidate who appeared to be likely to win. Current market pessimism is principally based on fears of the economic impact of the democrat demagogues promised higher taxes and attacks on corporations.