I went to this event on Thursday evening — very worth listening.

Nouriel Roubini, professor at New York University’s Stern School of Business, and Yale Professor Robert Shiller, chief economist and co-founder of Macromarkets LLC, talk with Bloomberg’s Tom Keene and Ken Prewitt about the U.S. economy, housing, Federal Reserve policy, currency markets and employment. Bloomberg’s Pimm Fox presents questions from the online and studio audience.

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

Category: Bailouts, Economy

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

8 Responses to “Shiller, Roubini Discuss `Anemic’ Economic Recovery”

  1. CNBC Sucks says:

    From 2008 through probably the rest of their careers, there will probably be some headline somewhere about Shiller and Roubini discussing some negative aspect of the US economic situation. The dates will change, but the song remains the same. Nothing to see here, move along.

    Enjoy your own lives, live up to your own talents, and harbor absolutely no bitterness.

    And remember, The Great CNBC Sucks likes the flame broiled taste.

  2. cvienne says:


    Some of the “Song Remains the Same” (Led Zepplin)…but I found the interview well worth passing the time listening to…

    Among the highlights:

    - Roubini comment: Green Shoots – Yellow Weeds – Brown Manure (although I still find it curious how he comes up with 1% growth in 2H10…I assume he’s discounting a Taleb (which I’m not)

    - Roubini: Instead of taking away the punchbowl in 2001 they added whiskey, vodka, & gin…

    - Acknowledgement of the STRUCTURAL LEVERAGE problem by both…Maybe not new, but decisively a DEFLATION before INFLATION argument…

    - Thoughts on extension of decay rate in unemployment.

    - Thoughts on FASBY and level 2&3 asset reporting for next 3 quarters.

    - Thoughts on Bureau of International Settlements

    - Thoughts on lack of multiplier effect in last stimulus

    - Thoughts on Fed’s use of “rhetorical confidence” in statements

    - Thoughts on “behavioral economics vs. political response”…

    - Thought on PERMANENT behavioral change ( that current increase in savings belies improved confidence numbers)

    There were interesting questions from the audience as well…

    It was interesting to me that Schiller IS CLEARLY AN ACADEMIC & NOT MONEY MANAGER…He struggled with the “one asset class for the next 6 months question” (and probably got the answer wrong)…Roubini had a better answer…

  3. willid3 says:
    more signs of the coming collapse of living standards engineered by wall streeters and banksters
    and we can’t forget the gran pewbar that lead us here

  4. super_trooper says:

    Roubini is a lousy predictor of the future. He keeps overestimating the turn of the economy. During the winter he predicted a recovery in the 2nd half of the year. Now it’s next year. Sounds like predicting the next 6 months is very hard, why even bother.

  5. Winston Munn says:

    Without a thorough cleansing of the malinvestments, new investment is diluted and much goes to waste – Japan’s bridges to nowhere built for no reason and accomplishing nothing look more like our future than any green seedlings of real recovery.

    Supply and demand are natural results of changing time preferences – when government intervenes in this process of natural selection the end result is always the same – misallocation and malinvestment.

    You cannot attempt to save the malinvestment and at the same time encourage new, real investment without sacrificing the quality of one or the other or both. We built a world based on fictional values; now our best hope of recovery lies in allowing deflationary forces to restore proper valuations instead of fighting with paper swords to protect an illusion of prosperity.

  6. Winnie,

    It gets no more Correct than that, as you laid it out.

  7. BG says:

    Barry, You need to tee this one up.

    With Assets less toxic, Banks have other troubles
    By Jim Kuhnhenn, Associated Press
    Published by US Today

    Boy, this article certainly puts a different spin on things. They’ve even quoted you in this article. There are so many surprising statements in this article, I’m not sure where one should start. If you like you can start with the premise made in the first line. Hilarious! Yeah, I guess so after being flooded with unimaginable amounts of money and the national debt level goes straight up. No sweat!

    Looks like we have a rickety four-legged stool. If the author thinks we have already solved the home mortgage problem, then I am sure he will feel the same about the other three any day now.

  8. lg71050 says:

    I’m agnostic on the accuracy of their forecasts. But I think it’s hilarious that these guys say that one of the problems is that everybody is scared to death while at the same time continuing to scare everybody to death with their forecasts. Just once, I’d like to see them acknowldege their own role, however small, in creating the conditions they describe.