Friday, September 18, 2009

US Economy Facing Death by a Thousand Cuts Roubini

Interviewed by CNBC Roubini said "It's going to be death by a thousand cuts," Nouriel Roubini, chairman of RGE Monitor and professor of economics at New York University's Stern School of Business adds "The financial system is severely damaged, and it's not just the banks."
"The gap between supply and demand is so huge we could stop producing new homes for a year to get rid of all the inventory," he said. "This price adjustment, in my opinion, is going to continue for another year."
"We already were in the middle of a very severe crisis. Saying that bailout out Lehman, everything would have been OK, is nonsense," he said. "Lehman was a symptom of the crisis, not the cause of the crisis."

No comments:

Related Posts Plugin for WordPress, Blogger...