In an interview on Wednesday with a Bloomberg correspondent, Roubini let out another dire prophecy, although it’s not very specific and not different than what he’s been saying before. Here are some excerpts from that interview. You can also watch the whole video from the link below.
Basically the message is that the picture is still getting worse.
“It will be worse than the 70’s and early 80’s…will be a global recession…this year and next year. Much worse than ‘91…. unemployment all the way to 9%. … free-falling retail sales….house prices are gonna fall another 15% before they bottom out… I don’t think [the Fed actions] are gonna be effective…whatever the Fed does, doesn’t matter for market rates… we need a major aggressive fiscal stimulus… a 300-400 hundred billion dollar fiscal package…”
Roubini thinks we need to back the automakers, that it’s politically and economically unavoidable.
“the housing recession is still getting worse….the consumers are not spending even on non-durables… there is no bottom to this recession…”
Watch the video here.
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I have heard a few people saying this! Hopefully it doesn’t get to bad.
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