A couple of money quotes;
We have a subprime financial system not a subprime mortgage market.
and
This might be the beginning of the end of the American empire.
He recently wrote about the end of the empire on his website.
Wikinvest Wire
Saturday, August 16, 2008
Nouriel Roubini in the NYTimes Magazine
Dr. Doom - Profile - Nouriel Roubini - Predicting Crisis in the United States Economy - NYTimes.com
A couple of money quotes;
and
He recently wrote about the end of the empire on his website.
A couple of money quotes;
and
He recently wrote about the end of the empire on his website.
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9 comments:
The beginning of the end started when after 9/11 our Congress felt obliged to pass a resolution that stated: it is our duty to maintain our supremacy over all others (my words, i forgot the exact wording, but that was the gist of it).
Thanks for posting this. Reviewed the link.
No need to parse the guy. We all know you can build an economic doomsday scenario using selective data.
T
I am not sure about the empire part.
But I think we have a crisis that is not just confined to the subprime issue.
ok so he uses a little hyperbole.
Roubini has been rather insightful on this unfolding crisis. I agree with him it will be a lot worse than most predict.
That said the sky will not fall and there is a difference between a bad stretch and finished.
We are in for a prolonged bad stretch, but this to shall pass
I've enjoyed the Olympics as well, and I've been particularly enamored with the feats of the older set (Constantina Tomescu-Dita of Romania and Dara Torres). I managed to keep my eyes peeled open long enough to watch Phelps and his teammates win historic gold.
I was but 12 when Mark Spitz accomplished his amazing Olympic feat. I turned on Friday. My goal is simply to arrive at 50 in the best shape possible--I've never dreaded any of the "0's", and I don't want this one to be any different. I'm hunting for my heart rate monitor (to train--not to warn of kicking the bucket!); I'm going to need every bit of two years!
Re Roubini: Funny how the prophets of doom were summarily dismissed for being hand-wringers and white-eyed fanatics. Now their perspicacity has been confirmed.
Declining US hegemony, both economically and politically, is not a pleasant thought for many. It has happened to every great nation/empire. Why would we not expect it to happen here?
his being hyperbolic is an issue for me in that, how does he quantify words like collapse or any other adjectives he uses.
in the article he says the US is not headed to a depression. personally, I would apply a lot of the adjectives he uses to a depression...but again not where he says we're headed.
the empire might end and none of us know it, if you know what i mean.
2.0% GDP, 3.5% inflation, 7% ten year rates--far from apocalyptic but might be the end of the "empire."
I used to read Roubini's blog in 2005-6 and it changed the way I was investing, which was a big mistake.
Both permabulls and permabears are right at some points in the cycle and may have interesting things to say, but they are so fixed in their vision that their timing is often way off.
I think it is good to read them for understanding why things happen but not for investment decisions.
Jeff
Sorry, I missed the memo that said the U.S. is exempt from cyclical history.
Apparently Rome could rise and fall, the British Empire could expand and collapse, the Thousand Year Reich could implode in a mere 12 years, but the U.S. is somehow going to remain Number One forever?
Sounds like a lot of Number Two.
over stating the point as usual, must have been a slow news week.
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