Economy Is on an Upswing, Says Dr. Doom

Roubini predicts end to recession, sends markets jumping

By Jason Farago, Newser Staff

Posted Jul 17, 2009 6:31 AM CDT

(Newser) – The financial crisis is over and the worst of the recession is behind us, writes Nouriel Roubini, the extremely pessimistic economist who was among the few who predicted the scale of the downturn. "The light at the end of the tunnel is for once not an incoming train," he told investors at a lecture yesterday in New York. But with unemployment in the US nearing 10%, Roubini thinks a second stimulus is necessary.

Roubini suggested that the second stimulus should be in the range of $200 to 250 billion—"not too small, not too big." Stock markets rallied after Roubini's remarks, which suggested that the American economy will return to growth before the end of the year, Reuters reports. But late yesterday the economist felt compelled to issue a statement that "my views expressed today are no different than the views I have expressed previously."

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New York University economist Nouriel Roubini speaks at the Council on Foreign Relations in New York on Friday, April 25, 2008. Roubini is also Chairman of Roubini Global Economics. (AP Photo/Mark Lennihan)

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An interview with Nouriel Roubini, the economist who was among the very few who foresaw the financial crisis. (Bloomberg)

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COMMENTS

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Showing 3 of 5 comments

AClotfelter

Jul 18, 2009 8:32 AM CDT

"Since america went off of the gold standard (was this during nixon?) " Seriously????

Snarfeh

Jul 18, 2009 1:34 AM CDT

The pomposity is amusing. I especially like how it does the big LOL at the end of its post as if it made a joke instead of being one. Its joviality is over caricatured to the point of being somewhat Jerry Lewis-esque. That is how I am starting to visualize it, too and I can almost hear the accidental snort coming out of its nose.

Snowleopard

Jul 17, 2009 6:57 AM CDT

grumble grumble LIBERAL FASCIST grumble grumble

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stock market • recession • economist • economic stimulus package • financial crisis • Nouriel Roubini

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Economy Is on an Upswing, Says Dr. Doom