Dr. Doom Roubini is scared – economy worse than predicted

[jpinpb]

Great interview. I recommend a listen.
Roubini interview video

Even ‘Dr. Doom’ Is Scared: Economy Much Worse Than Roubini Predicted

Fed Chairman Bernanke raised eyebrows (and, briefly, the market) last week when said there’s a “reasonable prospect” the economy will bottom this year and be in recovery in 2010.
But Berkshire Hathaway’s Warren Buffett disagrees: The economy “will be in shambles throughout 2009 and…probably well beyond,” the Oracle of Omaha declared this weekend.

In sum, Buffett and much of the rest of humanity are just now coming around to Nouriel Robuini’s way of thinking, the economist known as “Dr. Doom” is upping the ante on his longstanding bearish views.

A year ago Roubini was forecasting an 18-month recession with a U-shaped recovery; now, he’s now expecting the downturn to last at least 24 months and possibly 36-months. He also sees rising risks of a Japanese-style L-shaped stagnation, i.e. a prolonged period with little or no economic growth.

“I was one of most bearish people [but] the economy has surprised the bears on the downside,” says Roubini of NYU’s Stern School and RGE Monitor. “What’s happening in the world now is scary.”

Indeed, while the U.S. economy contracted 6.2% in the fourth-quarter, Roubini’s main concern is economic activity in much of the rest of the world is in much worse shape. And while he is often critical of U.S. policymakers – including over the stimulus package, Fed policy and bank bailouts – Roubini says “the rest of the world is way behind the curve,” in terms of doing the “right things” to confront the worst economic crisis since the 1930s.

[Zeitgeist]

I think this is exactly what Obama wants. In a crisis things can be done under the color or authority to prevent a worse crisis. Bush did it, FDR did it and this is setting us up for a huge socialist agenda and corresponding government intervention for the good of the cause. I believe this is something they could only dream about before:

Rahm Emanuel: You never want a serious crisis to go to waste- http://www.youtube.com/watch?v=1yeA_kHHLow

And thanks to the bleeding hearts who voted for him, here it is.

[Zeitgeist]

I think this is exactly what Obama wants. In a crisis things can be done under the color or authority to prevent a worse crisis. Bush did it, FDR did it and this is setting us up for a huge socialist agenda and corresponding government intervention for the good of the cause. I believe this is something they could only dream about before:

Rahm Emanuel: You never want a serious crisis to go to waste- http://www.youtube.com/watch?v=1yeA_kHHLow

And thanks to the bleeding hearts who voted for him, here it is.

[Zeitgeist]

I think this is exactly what Obama wants. In a crisis things can be done under the color or authority to prevent a worse crisis. Bush did it, FDR did it and this is setting us up for a huge socialist agenda and corresponding government intervention for the good of the cause. I believe this is something they could only dream about before:

Rahm Emanuel: You never want a serious crisis to go to waste- http://www.youtube.com/watch?v=1yeA_kHHLow

And thanks to the bleeding hearts who voted for him, here it is.

[Zeitgeist]

I think this is exactly what Obama wants. In a crisis things can be done under the color or authority to prevent a worse crisis. Bush did it, FDR did it and this is setting us up for a huge socialist agenda and corresponding government intervention for the good of the cause. I believe this is something they could only dream about before:

Rahm Emanuel: You never want a serious crisis to go to waste- http://www.youtube.com/watch?v=1yeA_kHHLow

And thanks to the bleeding hearts who voted for him, here it is.

[Zeitgeist]

I think this is exactly what Obama wants. In a crisis things can be done under the color or authority to prevent a worse crisis. Bush did it, FDR did it and this is setting us up for a huge socialist agenda and corresponding government intervention for the good of the cause. I believe this is something they could only dream about before:

Rahm Emanuel: You never want a serious crisis to go to waste- http://www.youtube.com/watch?v=1yeA_kHHLow

And thanks to the bleeding hearts who voted for him, here it is.

[Allan from Fallbrook]

Zeitgeist: And, if they wind up burning the Reichstag next, we’re in real trouble!

[Allan from Fallbrook]

Zeitgeist: And, if they wind up burning the Reichstag next, we’re in real trouble!

[Allan from Fallbrook]

Zeitgeist: And, if they wind up burning the Reichstag next, we’re in real trouble!

[Allan from Fallbrook]

Zeitgeist: And, if they wind up burning the Reichstag next, we’re in real trouble!

[Allan from Fallbrook]

Zeitgeist: And, if they wind up burning the Reichstag next, we’re in real trouble!

[Eugene]

[quote=Zeitgeist]
Rahm Emanuel: You never want a serious crisis to go to waste- http://www.youtube.com/watch?v=1yeA_kHHLow%5B/quote%5D

“… You never want a serious crisis to go to waste. What I mean by that, is it is an opportunity to do things you think you could not do before. I think America as a whole in 1973 and 1974 – and that’s just my view but I was in the administration – missed the opportunity to deal with the energy crisis that was before us. For a long time our entire energy policy came down to cheap oil. This is an opportunity, what used to be long term problems be they in the health care area, energy area, education area, fiscal area, tax area, regulatory reform area, things we had postponed for too long that were long term are now immediate and must be dealt with. ”

[Eugene]

[quote=Zeitgeist]
Rahm Emanuel: You never want a serious crisis to go to waste- http://www.youtube.com/watch?v=1yeA_kHHLow%5B/quote%5D

“… You never want a serious crisis to go to waste. What I mean by that, is it is an opportunity to do things you think you could not do before. I think America as a whole in 1973 and 1974 – and that’s just my view but I was in the administration – missed the opportunity to deal with the energy crisis that was before us. For a long time our entire energy policy came down to cheap oil. This is an opportunity, what used to be long term problems be they in the health care area, energy area, education area, fiscal area, tax area, regulatory reform area, things we had postponed for too long that were long term are now immediate and must be dealt with. ”

[Eugene]

[quote=Zeitgeist]
Rahm Emanuel: You never want a serious crisis to go to waste- http://www.youtube.com/watch?v=1yeA_kHHLow%5B/quote%5D

“… You never want a serious crisis to go to waste. What I mean by that, is it is an opportunity to do things you think you could not do before. I think America as a whole in 1973 and 1974 – and that’s just my view but I was in the administration – missed the opportunity to deal with the energy crisis that was before us. For a long time our entire energy policy came down to cheap oil. This is an opportunity, what used to be long term problems be they in the health care area, energy area, education area, fiscal area, tax area, regulatory reform area, things we had postponed for too long that were long term are now immediate and must be dealt with. ”

[Eugene]

[quote=Zeitgeist]
Rahm Emanuel: You never want a serious crisis to go to waste- http://www.youtube.com/watch?v=1yeA_kHHLow%5B/quote%5D

“… You never want a serious crisis to go to waste. What I mean by that, is it is an opportunity to do things you think you could not do before. I think America as a whole in 1973 and 1974 – and that’s just my view but I was in the administration – missed the opportunity to deal with the energy crisis that was before us. For a long time our entire energy policy came down to cheap oil. This is an opportunity, what used to be long term problems be they in the health care area, energy area, education area, fiscal area, tax area, regulatory reform area, things we had postponed for too long that were long term are now immediate and must be dealt with. ”

[Author]

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