the reason he has critics when he has been predicting things very accurately (as accurate as any main-stream economist) is that BANKING and FINANCE is a CONFIDENCE GAME!

if every economist let on four months ago that the market was as bad roubini claimed the market would have had a higher chance of a disorderly collapse, telling lies to instill confidence in some investors is something as old as ........(insert something that has been around a long time) because it causes the market to be a bit better a bit longer and allows the smart money to find a buyer at higher prices from the "dumb money".

they manage the "dumb money's" perspectives so they see the initial drop from 14,000 to 13,000 on the dow as a buying opportunity or a "correction". and there are so many that have naive trust or lack of deep knowledge that it works, that's another reason financial cheerleaders lie.

But it's a confidence game and things like "the economy is sound" or whatever will be parroted because when enough people still believe this it actually helps the economy from tanking (now the big line that people like to tell themselves is that this is just part of a cycle.........i'm afraid this is the best possible scenario people can hope for given how the economy is turning downward so fast. ........... ( a "correction" doesn't seem to fit anymore) unfortunately this is a "wheel breaker" and a new wheel will be created that is global in nature and after that is established, then we can go back to having cycles again. how much pain americans feel depends on

1. wether they keep there job

2. wether the U.S.A keeps the world reserve currency i.e petro dollar

Thank you illusionsaregrander!

Although our current economic crisis sucks, isn't it a bittersweet experience for Mr. Roubini?

Roubini told an audience of fellow economists that a generational crisis was coming. A once-in-a-lifetime housing bust would lay waste to the US economy as oil prices soared, consumers stopped shopping and the country went into a deep recession.

The collapse of the mortgage market would trigger a global meltdown, as trillions of dollars of mortgage-backed securities unravelled. The shockwaves would destroy banks and other big financial institutions such as Fannie Mae and Freddie Mac, America’s largest home loan lenders.

“I think perhaps we will need a stiff drink after that,” the moderator said. Members of the audience laughed.

Once again, the one who predicts a gloom future is ridiculed...

I am curious to see if his future predictions come to pass...

I'm with Plucky..............

Originally posted by rikk7111
I'm with Plucky..............

Ummm...I have no reasonable comment...