Roubini: “the worst is ahead of us”
Economy guru and professor at NYU, Nouriel Roubini gave a presentation in London, and basically said the worst is yet to come. Roubini, back in 2006, accurately predicted that the US will fall into a recession. Back in February, he predicted the financial market meltdown. Some quotes from the conference:
- We’ve reached a situation of sheer panic
- hundreds of hedge funds are going to go bust
- We’re seeing the beginning of a run on a big chunk of the hedge funds
- don’t be surprised if policy makers need to close down markets for a week or two in coming days
- This is the worst financial crisis in the U.S., Europe and now emerging markets that we’ve seen in a long time
- Things will get much worse before they get better. I fear the worst is ahead of us.
Read more from the RGE Monitor.
I always hope that Roubini, is wrong, but deep down I know that he makes sense so I have to listen to him. Its hard hitting stuff, but he is an excellent economist.
Business news and reviews
October 23, 2008 at 6:35 pm
But still I believe that everything will be fine at the end.
Willie
October 24, 2008 at 12:40 am
Problem is, the “end” may be two years away after we see a lot more layoffs and a lot more businesses go under
rabidliberal
October 24, 2008 at 9:53 am