Sing Expat

Roubini Was Right

It is not that Roubini was right or wrong, per se. He was indeed right, but he was right for the right reasons. Right? Right! Roubini analyzed the economic fundamentals and saw through the debt-induced hallucinations which were skewing everyone else's perceptions. He is not a broken clock; he is simply a smart, honest guy.

The rest of the crowd (with big shout outs to the Bubbleheads at CNBC and Alan "Bubbles Don't Exist" Greenspan) kept on hyping and lying and promising it would be green grass and higher numbers forever. Even on the way down, they picked bottoms out of their asses, declaring that 20% was a bear market and therefore it would rally. Or that housing had fallen enough (just because). Or that it was a liquidity or confidence crisis. In fact, they are still claiming the last two.

It's nice to see a Bubblehead like yourself admit to being wrong, wrong, wrong, but I sense you still fail to admit that you were not wrong just on a chance bet. You were wrong because you drank the Kool-Aid and spent seven years in a state of cognitive dissonance.

Roubini is not a stock picker. He is not calling for bottoms. He has been, if anything, too optimistic about housing and stocks, which is unfortunate because he is the biggest of the bears. If he has underestimated this thing, just how bad will it get?