Saturday, August 14, 2010

Nouriel Roubini Quotes

Nouriel Roubini
Here are some of Nouriel Roubini's quotes :

“Anything that makes your attempt to buy an asset more risky can have a material effect on the amount of investment we get. These days, we'd be lucky if we get lots of foreign direct investment. We should not restrict it. We should make it easier.”

"I am not going to say I told you so, but I did."

“There is definitely a big split in Europe at the moment. Europe is getting leaner and meaner, but that causes nervousness at the household level.”

“Global imbalances are growing, cross-border financing needs are increasing and a smooth-functioning financial system is now essential for this.”

"This consensus optimism is, I believe, not supported by the facts.At some point Investors will realize that bank losses are massive , and that some banks are insolvent . Deleveraging by highly leveraged firms - such as hedge funds - will lead them to sell illiquid assets in illiquid markets . and some emerging market economies - despite massive IMF support - will 3experience a severe financial crisis with contagious effects on other economies . So while this latest bear - market rally may continue for a bit longer , renewed downward pressure on stocks and other risky assets is inevitable " 

"The likely scenario for advanced economies is a mediocre U-shaped recovery, even if we avoid a W-shaped double dip. In the US, annual growth was already below trend in the first half of 2010 (2.7% in the first quarter and estimated at a mediocre 2.2% in April-June). Growth is set to slow further, to 1.5% in the second half of this year and into 2011.

Whatever letter of the alphabet US economic performance ultimately resembles, what is coming will feel like a recession."

"The challenge we face is how to integrate the Muslim world into the global economy. Asia has become part of it, but not Africa or the Middle East.One could realistically think about a Marshall Plan with respect to this part of the world, to succeed in integrating the Muslim and Arab world into the global economy as we did in Europe after World War II. For example, we’ve wasted hundreds of billions of dollars on the Iraq war. Had we taken a third of this money and invested it into a Marshall Plan for the Middle East, the benefits would have been ten times more than wasting it on a war."

The Treasury plan is a disgrace: a bailout of reckless bankers, lenders and investors that provides little direct debt relief to borrowers and financially stressed households and that will come at a very high cost to the US taxpayer. And the plan does nothing to resolve the severe stress in money markets and interbank markets that are now close to a systemic meltdown.

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