Skip to comments.We Are in 'Worse Situation' Than in 2008: Roubini
Posted on 09/03/2011 11:37:17 AM PDT by Ernest_at_the_BeachEdited on 09/03/2011 11:46:12 AM PDT by Admin Moderator. [history]
The worlds developed economies are trapped at the stall speed of low growth and need to have greater fiscal stimulus and less austerity to kick-start growth, leading economist Nouriel Roubini told CNBC Friday.
Roubini, known for his bearish views on the world economy, thinks that there is a 60 percent chance of a second recession imminently. Economic data of recent weeks presents a mixed picture.
On Thursday, the US government announced that jobless claims dropped by 11,000 to 409,000 last week. Friday's employment report in the US is expected to show a gain of only 75,000 nonfarm jobs during August, with the unemployment rate steady at 9.1 percent.
Remove regulations and laws that are holding up conventional energy supplies and watch the economy go viral in a good way. Oil, NG, Coal, Nukes....
No S!@t Sherlock! Oh this is a brilliant prognosticator! Let's spend some more non existent money. Most of these guys should soak their heads.
The government is suing the banks at the same time they are handing out free money to them.Most of the money the banks are receiving (interest free) from the fed is used to buy treasuries so congress can spend it on their pet projects. We are so screwed!
I thought Roubini said that we only had a 60% chance of going into another recession.
He sure doesn’t sound optimistic today.
We are being scammed. AGAIN!
Click on the keyword “Roubini” and Look at the articles on the list...he has been consistant for more than a year...I hope he is NOT RIGHT!
I am aware of his record.
I wonder if he doesn't make a dramatic move and unleash the development of various energy sources. It will help the economy, won't cost the gubmint anything, and will take a major issue off his back for 2012. Indeed when the economy responds, he will take credit for it. He won't hesitate to ditch the greenies if he thinks it will pay off. I think it will, so he will.
Roubini has been consistent for his entire adult career. He is a perpetual Bear, always negative. Even a broken clock is right twice a day. Not that I do not have concern that another recession is coming considering Obama’s anti-business and anti-growth philosophy. Just the same, I would take anything Roubini says with a grain of salt.
Things are not looking pretty as your painfully aware. We don’t need this economist to tell us the sh*t has hit the fan. It hit the fan some thirty years ago or more as the American Industrial complex and others sent increasing numbers of job’s over seas. Now we can’t even take in enough total tax revenues to pay for the bills assuming they where on a more realistic playing field. Less a three quarter or more trillion dollars in real pork.
Not that I want to see that idiot in office for the next 4 years...but you are right. Opening up oil drilling and production on U.S. soil; freeing up Natural Gas production; allowing CNG to work into the frieght market; allowing the building of more nukes; opening up regs on coal use...The day this is done the economy will go ballistic. But I think the envirofascists will hold Obama off. This won’t happen until we get a new POTUS Jan 2013.
lol...I know of NONE. We have never totally rid ourselves of keynesian principles. Even in Reagan’s day, Keynes shared a portion of the economic philosophy. Any time the gubmint interferes with the economy, Keynes smiles. Even patent laws and copywrite laws can be Keynesian in principle. Too much outside control and planning, noticed I say...too much.., are all it takes to infuse the economic machine with Keynesian lube.
Hayak’s definition of “Free Market” does support a minimal amount of regulation to guard against new “robber barons”. But for the most part, the economy needs to remain very organic if it is to be as close to “Free Market” as possible.
Our current situation in Washington is just TOO out-of-control to allow the free markets to work properly. Hopefully a new POTUS and conservative control will help get us there. Or at least closer.