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Roubini Agrees with EJ - Next Crisis Sooner than 2013

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  • Roubini Agrees with EJ - Next Crisis Sooner than 2013

    When prescient folks I've been reading for years start to agree, it's time to batten down the hatches. And not just EJ and Roubini, Gordon T Long and others are also moving to the left on the doomer scale in terms of timing and the affects when it blows.

    From article:

    The slowdown in the world economy has accelerated the timing and likelihood of a new global financial crisis, gloom-and-doom economist Nouriel Roubini said last week.

    “I thought a few months ago that the perfect storm would be 2013, but now, the economic weakness in the U.S., eurozone and U.K. is front-loaded,” he said.
    “So we're going to double-dip earlier. The climax of it could be 2013 or it could be already earlier,” said Mr. Roubini, co-founder and chairman of Roubini Global Economics LLC, and a professor of economics at New York University's Leonard N. Stern School of Business.

    “It depends on what policy tools are available,” he said.

    With the eurozone in crisis, facing a record-high cost for insuring bank debt, there is a 60% probability that most advanced economies will fall into a recession, Mr. Roubini said.

    Meanwhile, authorities are running out of options to provide emergency support, Mr. Roubini said.

    “You need to restore economic growth, not five years from now. You need to restore it today,” he said.

    “In the short term, we need to do massive stimulus; otherwise, there's going to be another Great Depression,” he said. “Things are getting worse, and the big difference between now and a few years ago is that this time around, we're running out of policy bullets.”
    ..."

    http://www.investmentnews.com/articl.../REG/309119958
    Last edited by World Traveler; September 12, 2011, 01:46 PM. Reason: line spacing

  • #2
    Re: Roubini Agrees with EJ - Next Crisis Sooner than 2013

    Two annoyances with the lead-in for this article:

    The slowdown in the world economy has accelerated the timing and likelihood of a new global financial crisis, gloom-and-doom economist Nouriel Roubini said last week.
    First , why call it a "new" global financial crisis, when none of the underlying causes of the "old" crisis have been addressed? Like Jesse keeps saying: "The Banks must be restrained, and the financial system reformed, with balance restored to the economy, before there can be any sustained recovery."

    Second, Roubini is always referred to as a "gloom-and-doom economist" just because he states things as they are. Realism does not equal pessimism if the reality being faced ain't pretty.

    Comment


    • #3
      Re: Roubini Agrees with EJ - Next Crisis Sooner than 2013

      Originally posted by Sutter Cane View Post
      Two annoyances with the lead-in for this article:

      First , why call it a "new" global financial crisis, when none of the underlying causes of the "old" crisis have been addressed?
      You know why. Because the people that write the narraratives want the people to read them to not think about the underlying causes of the "old" crisis.

      Second, Roubini is always referred to as a "gloom-and-doom economist" just because he states things as they are. Realism does not equal pessimism if the reality being faced ain't pretty.
      Media calls him that because he was the lone wolf mainstream doomer during the boom years.

      Comment


      • #4
        Re: Roubini Agrees with EJ - Next Crisis Sooner than 2013

        Originally posted by babbittd View Post
        you know why. Because the people that write the narraratives want the people to read them to not think about the underlying causes of the "old" crisis.

        ...
        +1 = b i n g o !

        Comment


        • #5
          Re: Roubini Agrees with EJ - Next Crisis Sooner than 2013

          Originally posted by babbittd View Post
          You know why. Because the people that write the narraratives want the people that read them to not think about the underlying causes of the "old" crisis.



          Media calls him that because he was the lone wolf mainstream doomer during the boom years.
          You nailed it.

          The media is complicit in this as well as the banks, investment firms, the mortgage industry, the NAR and the RepubliCrats.

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