Nouriel Roubini, an economics professor at New York University, has been accurate in his predictions over the last few years, and he continues to be pessimistic about the US and global financial outlook in the short run.

However, I did find this one bit of optimism that I've seen mentioned here:

Roubini is capable of being optimistic - or at least of steering clear of absolute worst-case prognostications. He agrees, for example, with the conventional economic wisdom that oil will drop below $100 a barrel in the coming months as global demand weakens. “I’m not comfortable saying that we’re going to end up in the Great Depression."

 

Submitted: Aug 18, 2008    Views: 144    Comments: 4    Likes: 1   


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Comments Received:

Sam Cass
Sam_Cass

This is a pretty scary article but I believe it is unfortunately the truth. We, as a nation, have bankrupted ourselves and the time of reckoning is at hand. We are in many ways a beggar nation, asking for other to support our lifestyle. What happened to the days of frugality and savings. The country was deluded by a war and by pumped up financial markets that distracted us from what was happening overseas.

Posted: Aug 18, 2008

David Walsh
David_Walsh

I unfortunately also agree with his assessment. I believe there are fundamental weaknesses in the US economy which can no longer be ignored.

First priority has to be reigning in government spending and balancing the budget.

Posted: Aug 18, 2008

ktexas
ktexas

Seems like the economy is taking a slow slide. Perhaps it would have crashed much faster without the government. It has been over a year now since the Central Banks started pumping billions into the banking system. After that we saw much more government action including rate cuts and stimulus checks. But it looks like they can only slow the slide and not prevent it. If that's the case, it would seem it's going to be a long downturn.

Posted: Aug 18, 2008

Sam Cass
Sam_Cass

"Seems like the economy is taking a slow slide. Perhaps it would have crashed much faster without the government."

Like Japan in the 1990s. At the time, the US was telling Japan to let their banks fail. Japan wouldn't do it. Somewhat ironic.

Posted: Aug 18, 2008



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