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One of the first experts to forecast the 2008 recession is sounding the alarm bells that another big economic downturn is on the way.

With recession fears in the U.S. mounting, many economists are predicting such a downturn as early as this year. Earlier this month, Bank of America strategists wrote they expected a “mild recession” to hit sometime next year. Others, like former Treasury Secretary Larry Summers, have been more bearish with their recession forecasts, predicting that only a deep recession will be enough to fix the 40-year-high inflation hitting the country.

Now economist Nouriel Roubini—a New York University professor and the CEO of Roubini Macro Associates—whose prescience of the 2007 and 2008 housing market crash earned him the nickname Dr. Doom—seems to have chosen a side.

In an interview with Bloomberg this week, Roubini said that a recession is likely to hit the U.S. by the end of 2022 before spreading globally next year, conceivably lasting for the entirety of 2023.

“It’s not going to be a short and shallow recession; it’s going to be severe, long, and ugly,” Roubini said.

AZGrizFan wrote: ↑Fri Sep 23, 2022 7:52 am Well hello Captain Obvious. We’re already IN a recession. Not sure what these idiots are measuring.

kalm wrote: ↑Fri Sep 23, 2022 8:17 am

AZGrizFan wrote: ↑Fri Sep 23, 2022 7:52 am Well hello Captain Obvious. We’re already IN a recession. Not sure what these idiots are measuring.

My thoughts exactly. We’ve been in one since January. And the causes are different this time.

I follow David Rosenberg and he’s spent months convincing us of something that already exists.

kalm wrote: ↑Fri Sep 23, 2022 8:17 am

AZGrizFan wrote: ↑Fri Sep 23, 2022 7:52 am Well hello Captain Obvious. We’re already IN a recession. Not sure what these idiots are measuring.

My thoughts exactly. We’ve been in one since January. And the causes are different this time.

I follow David Rosenberg and he’s spent months convincing us of something that already exists.

AZGrizFan wrote: ↑Fri Sep 23, 2022 9:00 am

kalm wrote: ↑Fri Sep 23, 2022 8:17 am

My thoughts exactly. We’ve been in one since January. And the causes are different this time.

I follow David Rosenberg and he’s spent months convincing us of something that already exists.

No, the causes are pretty much the same. Too much money chasing too few goods, and the federal government pouring gasoline on the fire by spending like drunken sailors.

Pwns wrote: ↑Fri Sep 23, 2022 10:36 am Good thing we stuck it to those pesky small banks and credit unions with the Dodd Frank act. They won't dare let us fall off the cliff again.

Col Hogan wrote: ↑Fri Sep 23, 2022 7:51 am

One of the first experts to forecast the 2008 recession is sounding the alarm bells that another big economic downturn is on the way.

With recession fears in the U.S. mounting, many economists are predicting such a downturn as early as this year. Earlier this month, Bank of America strategists wrote they expected a “mild recession” to hit sometime next year. Others, like former Treasury Secretary Larry Summers, have been more bearish with their recession forecasts, predicting that only a deep recession will be enough to fix the 40-year-high inflation hitting the country.

Now economist Nouriel Roubini—a New York University professor and the CEO of Roubini Macro Associates—whose prescience of the 2007 and 2008 housing market crash earned him the nickname Dr. Doom—seems to have chosen a side.

In an interview with Bloomberg this week, Roubini said that a recession is likely to hit the U.S. by the end of 2022 before spreading globally next year, conceivably lasting for the entirety of 2023.

“It’s not going to be a short and shallow recession; it’s going to be severe, long, and ugly,” Roubini said.

https://fortune.com/2022/09/21/long-ugl ... l-roubini/

houndawg wrote:

Col Hogan wrote: ↑Fri Sep 23, 2022 7:51 am https://fortune.com/2022/09/21/long-ugl ... l-roubini/

Every financial "expert" on the planet is introduced as "...one of the first to forecast X...."

The astrologers of the financial sector

UNI88 wrote: ↑Fri Sep 30, 2022 11:52 am

houndawg wrote:
Every financial "expert" on the planet is introduced as "...one of the first to forecast X...."

The astrologers of the financial sector

What's worse? A financial expert with a 50% chance of being right or a big gubmint apparatchik like Biden or Bernie who thinks the government can control the market and has a 0% chance of being right?

Sent from my Pixel 4a using Tapatalk

houndawg wrote: ↑Fri Sep 30, 2022 12:43 pm

UNI88 wrote: ↑Fri Sep 30, 2022 11:52 am What's worse? A financial expert with a 50% chance of being right or a big gubmint apparatchik like Biden or Bernie who thinks the government can control the market and has a 0% chance of being right?

Sent from my Pixel 4a using Tapatalk

I've never heard either one of them say they think gubmint can control the market.

houndawg wrote: ↑Fri Sep 30, 2022 12:43 pm

UNI88 wrote: ↑Fri Sep 30, 2022 11:52 am What's worse? A financial expert with a 50% chance of being right or a big gubmint apparatchik like Biden or Bernie who thinks the government can control the market and has a 0% chance of being right?

Sent from my Pixel 4a using Tapatalk

I've never heard either one of them say they think gubmint can control the market.

UNI88 wrote: ↑Fri Sep 30, 2022 1:51 pm

houndawg wrote: ↑Fri Sep 30, 2022 12:43 pm

I've never heard either one of them say they think gubmint can control the market.

Biden's response to inflation shows that he thinks the government is omnipotent and the market should respond to what he dictates. Bernie's a socialist and believes the government should replace the market because it can do a better job. Both have a 0% chance of being right.