Legendary economist Gary Shilling says consumer signals point to a recession in the next 12 months

Top economist Gary Shilling says he sees a 60%-70% chance the US enters a recession in the next year. Bloomberg/Getty Images Top economist Gary Shilling sees recession warnings coming from the US consumer. Americans are feeling the pressure of high energy prices and rising borrowing costs. Houesholds are beginning to tighten their wallets. Retail sales unexpectedly dropped in July. American shoppers are waving some red flags that hint at a recession in the next year, one legendary economist…