donzoab

Roubini the Revisionist

your piece is very disingenuous. Nouriel did an amazing job pointing out the dangers in subprime and the collateralized debt markets. A 35% rally in this market pales in comparison to the 50% rally the market had during the great depresson. That went on to an even worse selloff. I expect once everyone realizes how bad the commercial market is, how underfunded many pension funds are, how phony many of the bank profits were in Q1, and what the level of bad bets being held offshore (thanks to a chicken FASB) and the horrors being created by a Fed that is creating money out of thin air the market will again turn tail and drop.
An economists job is to adjust to real world market changes. If you read any of the pieces on Mr Roubini's website, you will see that he is still negative on the US markets and expects futher declines. rgemonitor.com