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Sunday, May 9, 2010

Roubini : it will be at an anemic recovery and at worse a Double Dip Recovery

Nouriel Roubini: Rapid economic recovery unlikely


Credit markets have recovered, although they still reflect massive government financial intervention. The financial panic of 2008 and 2009 has passed, though now bank failures are notably increasing. The net worth of the Federal Deposit Insurance Corporation is dropping, and estimates for its deficit are growing, but its obligations are ultimately U.S. Treasury obligations. Average house prices seem to be stabilizing, but commercial real estate prices are dropping. Huge losses from the deflation of the great twenty-first-century bubble have been recognized or realized, and though more remain, financial markets have regained their appetite for risk.

At this event, our expert Deflating Bubble panel defined the lessons of the whole twenty-first-century financial experience and made related recommendations for future financial policy. Speakers included AEI economists Desmond Lachman and John H. Makin; New York University professor of economics Nouriel Roubini; R. Christopher Whalen, managing director of Institutional Risk Analytics; and Thomas Zimmerman, managing director at UBS Investment Bank. AEI resident fellow Alex J. Pollock moderated.


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Nouriel Roubini nicknamed Dr. Doom and lately Dr. Realist by CNBC , is a professor of economics at the Stern School of Business, New York University and chairman of RGE Roubini Global Economics, an economic consultancy firm . Prof. Nouriel Roubini A world-class economist who offers an unflinching look at the global meltdown and distinctive insights into its course going forward. His research on financial crisis in emerging economics has yielded a unique and now vindicated approach to future collapses. Roubini speaks on the global economic outlook and its implications for the financial markets. From his analysis of past collapses of emerging economies, he has identified common factors that support his predictions of crisis in the US and world markets. He has held several high-level advisory positions in the US government and international finance organisations, published numerous policy papers and books on key international macro-economic issues and is regularly cited as an authority in