Roubini: “We Are in ‘Worse Situation Than in 2008”

[CA renter]

[quote=dd123]Didn’t get time to go through the whole thread but here are few thoughts to ponder::

All the middle class jobs are being shipped-out/outsourced to countries like India.
This is first hand experience coming from me and my friends all over USA working as knowledge worker ( engineering, IT, Medical etc ) in companies across different verticals.

Innovation and education won’t help this country from my perspective. Take example of innovative company like Apple or Google: They can come up with superb ideas ideated by small number of individuals in USA but when it comes to implement the ideas for masses, it is all done in India and China leaving no middle class jobs for here.

In essence, US needs to stop this middle class job flight.

Recently, large companies have shown record profits but no job growth..[/quote]

Bingo.

[briansd1]

[quote=pri_dk] but the key to our exceptionalism is the one value that makes America unique: Respect for the rule of law, especially over other factors like wealth, birthright, caste, religion, political ideology (e.g. socialism), etc. It’s our entrenched cultural respect for a common set of rules that creates the foundation for innovation and capitalism.[/quote]

Yes, absolutely.

As George Will once aptly put it, that means that all Americans are the same, whether they are recent immigrants, or born here, or their parents were born here. Once you’re in, you’re in.

Unfortunately, on a certain side, the politics of devisiveness have created “real” Americans and Americans who “love America” more than others.

[jpinpb]

A little late to this party. Great thread.

[quote=SK in CV]I won’t (and can’t reasonably) dispute that it was WWII that ended the depression.
[/quote]

Wiping out manufacturing in other countries also helped us out of the depression, giving us more JOBS. The war wasn’t necessarily the savior of our economy. The jobs/manufacturing was, IMO.

[quote=Allan from Fallbrook]Obama is a weak and ineffectual leader and has proved nearly Republican in terms of policies and programs. As SK astutely points out, he was NEVER a Democrat (in the grand sense of the word) and even his most starry-eyed supporters (save you) have tumbled to this reality.[/quote]

I hate to say this and I don’t want to rattle anyone’s cage, just stating my observation. He is a black version of Bush, conintuing wars, continuing the Patriot Act and giving money to banks and insurance companies. Obi-Wan he is not and I have little hope.

Everyone please keep in mind — I hate to keep repeating myself — our economy would not even be as good as it is were it not for the fact banks are not foreclosing and people are living for free. Housing is a huge expense. I’ve seen too many places still not foreclosed upon, going 2+ years, some people even have multiple properties. These can’t be isolated instances.

What greater stimulus can one have?!

[Author]

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