NYU’s Roubini: “Nowhere to Hide” from Global Slowdown
By Barry Ritholtz - January 29th, 2009, 12:30AM
Nouriel Roubini of NYU’s Stern School of Business is making fresh headlines, as he’s forecasting an even more dire outlook for the global economy. In an interview yesterday with Bloomberg News in Zurich, Roubini said:
* The U.S. will lose 6 million jobs with unemployment reaching at least 9 percent.
* The U.S. economy will expand 1 percent at most in 2010.
* Economic growth in China will slow to less than 5 percent.
* He reiterated his statements that the biggest U.S. banks are insolvent, and that losses could reach $3.6 trillion, far exceeding his original estimates.
January 29th, 2009 at 3:27 am
Roubini is not even in this video. Given your story above, I was expecting a video in which Roubini says the things you itemized.
January 29th, 2009 at 6:01 am
The story is from Yahoo Finance
January 29th, 2009 at 8:40 am
The day to day death by 1000 drips continues…
http://briefing.com/Investor/Public/Calendars/EconomicCalendar.htm
The durable orders were worse than expected (surprise), but the revision of the last durable orders downward to -3.7% is the more worrisome thing.
I will take a look at the non-seasonally adjusted initial claims later this morning, but I imagine the NSA’s are much worse than the SA’s of 588k…
…look, the economy is what we thought it was…apologies to ex- Cardinal coaches..
January 29th, 2009 at 8:56 am
Go to
http://www.bloomberg.com/tvradio/podcast/ontheeconomy.html
The top story is ‘Roubini Says Top Four U.S. Banks Are Insolvent’. Click on ‘Listen/Download’. Or the podcast is: Bloomberg_vcJjWvFJwPrY.mp3
January 29th, 2009 at 12:48 pm
Hey Bruce,
I just bought a new clothes washer from Lowes! Look out.
January 29th, 2009 at 1:19 pm
We have a yellow lab that think she’s a small elephant and we buy our dog food from Lowe’s…they are doing quite well here…
January 29th, 2009 at 5:36 pm
I’m still trying to set up my meeting with Nouriel…I actually have two possible connections that might be able to do it. I will point out to him why he is too optimistic publicly…he should just tell the truth and get it over with…34 trillion in US debt alone must disappear…much of it will have to default.
January 29th, 2009 at 6:05 pm
Amazon earnings are out…due to stronger dollar, as I warned, operating income was $272M vs. $271M last 4Q…NO GROWTH. Of course, being Amazon, the spin somehow is all roses.