Posted on 03/09/2009 3:56:22 PM PDT by maccaca
The man who predicted the current financial crisis said the US recession could drag on for years without drastic action.
Among his solutions: fix the housing market by breaking "every mortgage contract."
"We are in the 15th month of a recession," said Nouriel Roubini, a professor at New York University's Stern School of Business, told CNBC in a live interview. "Growth is going to be close to zero and unemployment rate well above 10 percent into next year."
Echoing a speech he made earlier in the day, Roubini said he sees "no hope for the recession ending in 2009 and will more than likely last into 2010."
Roubini, who is also known as "Dr. Doom," told CNBC that the risk of a total meltdown has been reversed for now but that the economy is going through "a death by a thousand cuts." He also said that "most of the U.S. financial institutions are entirely insolvent."
"The market friendly view for the banks is nationalization," said Roubini. "Temporarily take over the banks, clean them up and get them working again."
He doesn’t know what he’s talking about. I say 60 months.
Thirty six months? From when - 2014?
Sorry, but the failing nascent obama regime has laid the groundwork for a lengthy depression that is world-wide and set to be the equal of the Great Depression.
If only he did not feel the compulsion to “fix” everything....
Break “every mortgage contract”? How’s that supposed to restore confidence in the housing market?
with these govt policies, and new taxes, we can keep it going for a decade
60 months? regardless...at least our next GOP president will TRULY say we INHERITED the Depression from Dumbo.
I agree. This won’t get better until after January 20, 2013.
I just created my new signature!
Mr. Roubini also is a strong advocate of the Feds taking over the US Banking sytems temporarily
One, the US Federal Govt. never does anything temporarily. And two, Mr Roubini apparently has never been to a US post office, has never renewed his driver's license and has never been to a VA Hospital. If he had, he wouldn't be so quick to suggest Federal Govt. intervention.
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Had there been no $700 billion bailout last fall, and the ridiculous panic effect those two weeks caused, we’d probably be 36 months closer to the end of the recession than where we are now. That only served to prop up the economy on a foundation of toothpicks, rather than letting it collapse naturally. That phony “crisis” also served to elect Obama.
It will last as long as Obummer is in the White House.
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